Aurelia Metals has responded to speculation surrounding potential interest in Glencore’s CSA Mines in New South Wales, confirming it is no longer in discussions to acquire the copper mine.
The company released a statement today saying it would instead be focusing on the leadership transition involving managing director and chief executive officer Jim Simpson stepping down from the role.
Aurelia had previously expressed interest in CSA Mines, claiming that it could have been a strategic fit.
As a result, preliminary discussions with the owner of CSA Mines were held regarding the possibility of a transaction.
The announcement follows a similar situation in April when interest by Aeris Resources in the same Glencore mine fell through.
Aeris was unable to come to an agreement with Glencore regarding the copper mine which is located in Cobar.
It had offered Glencore around $878 million and shares for the underground mine in March, which included $807 million in cash and $71 million in shares.
CSA, which employs 300 people, is the highest grade copper mine in Australia, producing around 1.1 million tonnes of copper ore and over 185,000 tonnes of copper concentrate a year.
Despite the deal falling through, Aurelia’s 2019 financial year gold production guidance of between 115,000 and 130,000 ounces remains unchanged.