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Aeris Resources Ltd

Aeris Resources acquisition of Glencore’s CSA mine falls through

The company has been unable to come to agreeable terms with Glencore for the operation near Cobar in western NSW.

Underground operations
Underground operations at the Tritton Copper Project in Central West NSW.

Aeris Resources Ltd (ASX:AIS) has been unable to come to agreeable terms with Glencore PLC (LON:GLEN) regarding the acquisitions of that company’s CSA mine near Cobar in western NSW.

As a result, the acquisition which was mooted to be valued at up to $800 million, will not proceed.

In March, Aeris stated that the offer comprised $US525 million cash and US$50 million Aeris shares plus a royalty payable to Glencore.

Executive chairman comments

Aeris’ executive chairman Andre Labuschagne said: “Whilst it is disappointing that the acquisition of the CSA Mine couldn’t be completed, Aeris remains focused on its Tritton Copper Operations, the Torrens exploration project and exploring growth opportunities, both organic and through M&A.”

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

At the Lake Torrens JV project in South Australia drilling is underway at the Torrens copper-gold anomaly.

Aeris and JV partner Argonaut Resources NL (ASX:ARE) are exploring for iron oxide copper-gold (IOCG) systems in the highly-prospective Stuart Shelf region with a heli-portable rig drilling from custom-made pontoons on the lake to depths of 800-1,500 metres.

The JV has committed to an initial 8-10 hole, $5 million program which is part of an extensive 25-30 hole, $15 million program expected to take between 18-24 months.

READ: Aeris Resources shares rise after identifying 25 new anomalies at Tritton

At the company’s Tritton Copper Operations in Central West NSW, Aeris recently identified 25 new anomalies.

Quick facts: Aeris Resources Ltd

Price: $0.06

Market: ASX
Market Cap: $27.8 m
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