Wednesday March 23, 2022
Volume 37 No. 10
$1
inc. GST
The Cobar Weekly Federation project to deliver up to 250 jobs Pg 3
Rotary’s Drought Relief Project comes to an end Pg 4
Tour de OROC riders in town tomorrow Pg 5
Glencore enters into agreement to sell CSA Mine After more than a year of speculation, Glencore announced last Thursday it would be selling its CSA Mine asset. In a statement released by Glencore last week, the company advises it has entered into a binding agreement with Metals Acquisition Corp (MAC) for the sale and purchase of CSA. It’s reported another interested party, Perthbased IGO Ltd, had dropped out of talks last month. According to the sale agreement with MAC, Glencore will receive US$1.05 billion in cash, a US$50 million equity stake in MAC and also receive a 1.5 per cent net smelter return life of mine royalty upon completion of the transaction. “MAC will assume ownership and full operational control of the mine and will enter into an offtake agreement with Glencore for 100 per cent of the copper concentrate produced at CSA Mine,” a spokesperson for the company said. “The sale of CSA Mine is consistent with delivering our strategy of simplifying and aligning our global portfolio of over 150 operating sites to focus on lower-cost, long-life assets.” MAC is a Special Purpose Acquisition Company (SPAC) listed on the New York Stock Exchange. The transaction is expected to be completed in 2022, subject to the approval of MAC’s shareholders and other customary closing conditions, including regulatory approvals.
All aboard for Seniors Week A week of fun events to celebrate Seniors Week 2022 kicked off on Monday morning with local seniors (and visiting seniors) experiencing guided bus tours of the town. Pictured above is the second group of seniors heading off with Cobar Shire Council’s manager of tourism and events, Demi Smith (who acted as their bus driver) and the great Cobar Museum’s curator, Kay Stingemore, who was their tour guide. Yesterday’s activity was a guided tour of the newly renovated Great Cobar Museum while a Gala Dinner is on the schedule for tonight. A Games Day will be held at the Cobar Library tomorrow while on Friday seniors will get artistic at a Pink Galah Canvas Workshop. More photos Page 2.
Anni has all you need ANNI’S ARTS & CRAFTS 59 Marshall St
COBAR NEWSAGENCY 15 Barton St