29/09/2021

Gilbert + Tobin has advised Sandfire Resources Limited (Sandfire) on the $1.248bn equity component of its capital raise to partially fund the acquisition of the Minas de Aguas Teñidas (MATSA) copper mining complex in Spain.

West Australian copper miner Sandfire has entered into a binding sale and purchase agreement with Trafigura and Mubadala Investment Company to acquire the MATSA complex.

The acquisition will provide Sandfire with a pathway to become one of Australia’s largest copper focussed producers, with the MATSA complex producing 100,000-120,000 tonnes of copper equivalent annually.

Karl Simich, Sandfire’s Managing Director and CEO commented “The MATSA acquisition transforms Sandfire in to a first quartile copper producer of global scale and allows us to leverage our skill set to deliver on our growth ambitions to create one of the highest quality and most compelling copper exposures on the ASX.”

The team at G+T advised Sandfire on the equity component of the capital raising, comprising of a fully underwritten equity raising via a “supersized” placement and accelerated non-renounceable entitlement offer.

The G+T team was led by Corporate Advisory partner Sarah Turner, who commented “we are delighted to have advised Sandfire on its equity capital raising. The support of high-quality investors demonstrates their confidence in the acquisition and the Sandfire team.”

Sarah was supported on this transaction by lawyers including Michael Fitzpatrick, Maree Casey, Chamali Samarasinghe, Anneka Thomson and Claudia Russo.

Gilbert + Tobin’s Corporate Advisory team has advised on many of Australia’s largest and most innovative transactions across a broad range of industries, including recently advising Afterpay on its proposed $39 billion acquisition by Square, Inc., MIRA on the $2.6 billion acquisition of BINGO Industries and PowAR consortium on the $3 billion take private of Tilt Renewables.

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