A miner inspects an LHD underground at the Agua Tenidas mine in Spain. (Photo MATSA)
Sandfire Resources Will Buy MATSA Copper Complex in Spain
The transaction includes the MATSA mining complex in the Iberian Pyrite Belt in Spain, which comprises three underground mining operations feeding a world-class 4.7-million-metric-ton-per-year (mt/y)-central processing facility with state-of-the-art infrastructure producing 100,000 mt/y to 120,000 mt/y of copper equivalent per year. “The MATSA acquisition transforms Sandfire into a first-quartile copper producer of global scale,” Sandfire Managing Director and CEO Karl Simich said. Sandfire said it intends to retain MATSA’s in-country management team.
“MATSA is one of the world’s highest quality copper mines, with strong and experienced executive leadership and more than 2,000 highly skilled and productive employees,” Danny Dweik, head of industrials at Mubadala, said. “During the next decade, the company will significantly benefit from global decarbonization initiatives and we see a bright future for them as part of Sandfire Resources.”
As part of the transaction, Trafigura will retain the life of mine concentrate offtake agreement for 100% of the offtake from MATSA, building on Sandfire’s established relationship with Trafigura. “As a long-term owner of the operation, we are pleased that MATSA will become a cornerstone asset in Sandfire’s growing portfolio, at a time when the energy transition is driving significantly higher demand for copper and other strategic metals,” Trafigura Executive Chairman and CEO Jeremy Weir said.