The deal comes as a mining M&A spree picks up, spurred in part by investors betting on rising demand for metals needed for the global green energy transition in coming years
ACG, a London-listed special purpose acquisition company , will buy the Santa Rita nickel sulfide and Serrote copper mines from private equity funds advised by Appian Capital, which has hired Standard Chartered and Citigroup on the sale, it said in a statement.
Only a few such deals have taken place in mining, including Vision Blue Resources, a fund founded by former Xstrata boss Mick Davis backing a $300-million SPAC, and Metals Acquisition Corp, which listed in New York and bought a copper mine owned by Glencore. Glencore will invest $100-million in ACG equity. Stellantis and mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo will make a $100-million nickel prepayment.
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