Clayton Utz assists in US$150m copper and silver stream transactions

Proceeds were used to fund the acquisition of Australia’s highest-grade copper mining operations

Clayton Utz assists in US$150m copper and silver stream transactions

Clayton Utz has successfully acted as the Australian counsel for Osisko Bermuda Limited on its US$150m copper and silver stream transactions with Metal Acquisition Limited (MTAL)

MTAL utilised the proceeds from the stream transactions with Osisko to fund MTAL's acquisition of one of Australia's highest-grade copper mining operations – the CSA Mine in Cobar, NSW, operated by Glencore. The CSA Mine has a multi-decade operating history of consistent production and strong relationships with local stakeholders.

To fund the purchase, MTAL also utilized a US$230m equity raise, a US$205m senior syndicated term loan, a US$135m mezzanine loan, and a US$25m revolving credit facility. The acquisition, along with the stream transactions, was successfully concluded on 16 June.

Clayton Utz partners Rohan Mishra and Stuart MacGregor, who specialise in banking and financial services and energy and resources, respectively, led the multi-disciplinary legal team that advised on the deal. The team also included special counsel Andrew Holmes; senior associates Jackie Leggett and Tristan Appleby; and lawyer James Allen, each contributing their expertise in various areas such as corporate, M&A, and capital markets.

The firm also collaborated with Stikeman Elliot LLP in advising Osisko.

Osisko Bermuda is a wholly owned subsidiary of Osisko Gold Royalties Ltd, listed on the Toronto Stock Exchange and the New York Stock Exchange. Established in 2014, Osisko is an intermediate precious metal royalty company holding a North American-focused portfolio of over 180 royalties, streams and precious metal offtakes.

MTAL is a company focused on operating and acquiring metals and mining businesses that are essential in the electrification and decarbonization of the global economy. The company's expertise extends across all commodities, including base metals, iron ore, precious metals, and battery metals, and through the value chain in major mining jurisdictions.

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