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Factbox-Red-hot copper riding a new wave of consolidation

Published 2023-04-19, 08:05 a/m
Updated 2023-04-19, 08:10 a/m
© Reuters. FILE PHOTO: The logo for Canadian mining company Teck Resources Limited is displayed above their booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File P

(Reuters) - Glencore (LON:GLEN) Plc has offered $22.5 billion for Canadian copper miner Teck Resources (TSX:TECKa) Ltd, the latest in a wave of deals in the global copper industry amid surging demand and tight supply for the red metal anchoring the green energy transition.

"The green energy transition has been a growth driver for many aspects of the metals and mining industry, with demand for key metals such as copper, nickel, lithium and cobalt expected to remain on an upward trajectory and supply to trend downward," S&P Global (NYSE:SPGI) Commodity Insights analyst Aude Marjolin said in a report.

Following are some of the largest copper mining deals since 2022, according to S&P Global Market Intelligence.

Buyer/Investor Seller M&A type Deal Status

value(million

USD

Deals in 2022

BHP Lonsdale Investments OZ Minerals Ltd Corporate 6,779.80 Announced

Pty Ltd

Investor group Antofagasta (LON:ANTO) plc Asset- 945 Announced

Reko Diq

project

Metals Acquisition Corp Glencore plc Asset - 1,200.00 Announced

CSA

Project

Rio Tinto (LON:RIO) International Turquoise Hill Resources (TSX:TRQ) Corporate 3,251.30 Completed

Holdings Ltd Ltd

Deals in 2023

Hudbay Minerals (TSX:HBM) Inc Copper Mountain Mining Corp Corporate 758.5 Announced

Lundin Mining (TSX:LUN) Corp ENEOS Holdings Inc Asset - 950 Announced

Caserones

Copper

Mine

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