Sandfire Resources (ASX: SFR) share price finished today’s trading session around 2% higher followings today’s revelations the copper-focused large-cap miner had completed a $2.60bn acquisition of MATSA Mining Complex.
As originally announced mid-September 2021, Sandfire plans to raise $1.28bn to help fund the purchase of MATSA’s large-scale, long-life underground copper operation - comprising three underground mining operations - in the Iberian Pyrite Belt of Spain.
The completion of the acquisition follows the satisfaction of outstanding conditions including Foreign Investment Authority (FIRB) approval and the completion of authority approval.
Comprising 2450 square kilometre portfolio of mineral rights in exploration in Spain and neighbouring Portugal, MATSA’s three underground mining operations feed into a 4.7m tonne per annum central processing facility.
CEO and Managing Director Karl Simich believes today’s announcement marks the beginning of an exciting new era for Sandfire, with the workforce expanding to around 3,800 direct employees and contractors globally.
“With the acquisition of MATSA, Sandfire immediately becomes one of the largest copper-focused producers on the ASX, with high-quality operations in Spain and Australia and an impressive growth pipeline and exploration portfolio that we believe will continue to drive our growth for many years to come.”
Six month snapshot of Sandfire's share price movement versus the materials sector.
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