May 19, 2020

Why OZ Minerals has become frontrunner for Glencore's CSA copper mine

oz minerals
2 min
Why OZ Minerals has become frontrunner for Glencore's CSA copper mine

With Glencore’s CSA copper mine attracting a large group of potential buyers, OZ Minerals is among those expressing an interest in purchasing the billion dollar operation.

Glencore is in the process of reducing its $18 billion inventory assets in order to help dig itself out of US$30 million of debt.

RELATED TOPIC: 4 ways ASX mining investors are affected by Glencore

While rivals PanAust, Sandfire Resources and China Moly are also in the running, Adelaide-based OZ Minerals is a logical candidate behind its focus on copper. CSA is the largest copper mine in Australia’s Cobar region, as it produces over 50,000 tonnes of copper concentrate per annum.

At the moment, copper is a more popular resource than coal as it is considered to be more durable.

OZ Minerals has been searching for copper assets to purchase for the past several months. Previously, OZ affirmed its intentions of producing between 110,000-120,000 tonnes of copper in 2015, but later upgraded that guidance to between 126,000 and 131,000 tonnes.

RELATED TOPIC: Glencore enhances processes in the mining industry

Although commodity prices have dropped considerably in the past year, Glencore’s inventory value has remained consistent amid its increase in hydrocarbon, metals and other commodities. While copper prices have dropped by 23 per cent in the past year, the price has remained steady for Aussie operators.

Meanwhile, the news comes as a tough pill to swallow for Cobar, as CSA is the region’s top employers with over 300 workers.

RELATED TOPIC: How Glencore and Bloomfield's purchase of Vale's Integra mine affects Aussie miners

“I’m very concerned because CSA are the biggest employers in Cobar,” said Cobar mayor Lilliane Brady. “They’ve been wonderful to the town and I am upset, but I would like to see more details.

“But we’ve been there before and Cobar will always survive.”

Glencore is also looking to sell its Lomas Bayas copper mine in Chile, which is deemed as even more valuable than CSA.

Let's connect!  

Check out the latest edition of Business Review Australia!


Share article

Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 


Share article