May 9, 2019 / 10:25 AM / 2 months ago

Australia's Aurelia Metals scraps talks to buy Glencore's CSA mine

(Reuters) - Aurelia Metals Ltd on Thursday said it was no longer in talks about a possible acquisition of the CSA mine in New South Wales, the second Australian miner since April to back off from plans to buy the Glencore Plc-owned copper mine.

Last month, Aeris Resources Ltd said it was unable to reach an agreement with Glencore on its $575 million offer to buy the mine.

The CSA mine, which initially started in 1871, exports copper concentrate to smelters in India, China and South East Asia.

Aurelia in April had confirmed talks for the acquisition based on its assessment that the mine could “potentially be a strategic fit for AMI” but did not provide a reason on Thursday for scrapping the deal.

The gold and copper miner added it is now working through its leadership transition after its former Chief Executive Jim Simpson stepped down early in May.

Aurelia kept its gold production guidance for the 2019 fiscal year unchanged at 115,000 to 130,000 ounces.

Reporting by Devika Syamnath in Bengaluru; Editing by Nick Macfie and Christian Schmollinger

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