{"id":1115231,"date":"2019-05-09T10:58:12","date_gmt":"2019-05-09T10:58:12","guid":{"rendered":"http:\/\/www.mining.com\/?p=986623"},"modified":"2019-05-09T10:58:12","modified_gmt":"2019-05-09T10:58:12","slug":"australian-junior-aurelia-forgoes-glencore-copper-mine-buy","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1115231","title":{"rendered":"Australian junior Aurelia forgoes Glencore copper mine buy"},"content":{"rendered":"

Australian exploration and development\u00a0Aurelia Metals (ASX:AMI)\u00a0said on Thursday<\/a>\u00a0it was no longer\u00a0discussing with miner and commodities trader Glencore (LON: GLEN) a possible acquisition of the Swiss company\u2019s CSA copper mine.<\/p>\n

The New South Wales-based miner is the second one since April to back off from plans to buy the operation.<\/p>\n

Fellow copper junior Aeris Resources (ASX: AIS)\u00a0had offered Glencore $575 million<\/a>\u00a0in March for the operation, but the parties were unable to reach an agreement.<\/p>\n

The miner is the second one since April to back off from plans to buy the underground copper operation, in New South Wales.<\/q><\/p>\n

News of Aurelia abandoning the plan to buy the underground CSA mine comes on the heels of managing director and chief executive Jim Simpson sudden exit last month.<\/p>\n

His last public comments were on an April 23 investor call<\/a>, where he said his company was not interested in buying CSA at the price tag offered by Aeris Resources.<\/p>\n

“We saw the price that was put up by Aeris as well over what we would pay,” he said as quoted by AFR<\/em><\/a>.<\/p>\n

Shortly after the company issued a statement<\/a>\u00a0saying the mine was “strategic fit” for Aeris and that talks with Glencore were ongoing<\/a>.<\/p>\n

Two days later, Aurelia said Simpson had “agreed” to “step down”.<\/p>\n

The CSA mine, located in the state of New South Wales, produced 48,000 tonnes of copper concentrate last year. It has a productive life of five years and ore reserves to last around ten, according to Glencore\u2019s reserves and resources report.<\/p>\n

The Swiss firm is looking to raise $1 billion from sales of non-core assets this year to boost its $2 billion share buyback program.<\/p>\n

The post Australian junior Aurelia forgoes Glencore copper mine buy<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The exploration and development company became the second Australian miner since April to back off from plans to buy the Glencore’s CSA, in New South Wales.<\/p>\n

The post Australian junior Aurelia forgoes Glencore copper mine buy<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2479,2480,2481,678,404,369],"tags":[15,33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1115231"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1115231"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1115231\/revisions"}],"predecessor-version":[{"id":1115330,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1115231\/revisions\/1115330"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1115231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1115231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1115231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}