April 26, 2019 / 12:41 AM / a month ago

Aurelia Metals in talks to buy Glencore copper mine in Australia

(Reuters) - Australian miner Aurelia Metals Ltd on Friday said it was in talks about a possible acquisition of Glencore’s CSA copper mine in the state of New South Wales.

That comes after copper producer Aeris Resources Ltd earlier this month said it was unable to reach an agreement with Glencore on its $575 million offer to buy the mine.

“(The) CSA mine could potentially be a strategic fit,” Aurelia said in a statement.

It added that building its portfolio of assets in the Cobar region could be attractive following its acquisition of Peak Gold Mines in the same area last year from Canada’s New Gold Inc.

Aurelia, with a market value of about A$600 million ($420.72 million) is significantly larger than Aeris Resources.

The company’s stock was down as much as 3.7 percent in early trade, against a 0.3-percent drop in the broader market.

Reporting by Rashmi Ashok in Bengaluru; Editing by Richard Pullin and Joseph Radford

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