Metals Acquisition Ltd
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Metals Acquisition Ltd
Metals Acquisition Ltd. engages in mineral exploration and development. The business of the Company is the operation of the CSA copper mine in New South Wales, Australia. The CSA Mine is a high grade, producing, underground copper mine. The Company, through Cobar Management Pty Ltd (CMPL), holds a Mining Lease (CML5) over the CSA deposit, which is supplemented by Mining Purpose Leases, MPL 193 and MPL 1094. The CSA Mine is surrounded by two Exploration Licenses, EL5693 and 5983. CML5 covers an area of approximately 2,474 hectares (ha), the MPLs total approximately 30 ha, while the surrounding exploration tenements (EL5693 and 5983) cover approximately 366 square kilometers. In addition, CMPL has a joint venture with AuriCula Mines Pty Limited (AuriCula) covering the Shuttleton and Mt Hope Exploration Licence tenements south of Cobar.
Metals Acquisition Ltd. engages in mineral exploration and development. The business of the Company is the operation of the CSA copper mine in New South Wales, Australia. The CSA Mine is a high grade, producing, underground copper mine. The Company, through Cobar Management Pty Ltd (CMPL), holds a Mining Lease (CML5) over the CSA deposit, which is supplemented by Mining Purpose Leases, MPL 193 and MPL 1094. The CSA Mine is surrounded by two Exploration Licenses, EL5693 and 5983. CML5 covers an area of approximately 2,474 hectares (ha), the MPLs total approximately 30 ha, while the surrounding exploration tenements (EL5693 and 5983) cover approximately 366 square kilometers. In addition, CMPL has a joint venture with AuriCula Mines Pty Limited (AuriCula) covering the Shuttleton and Mt Hope Exploration Licence tenements south of Cobar.
Production Surge: MAC Copper delivered a 23% quarter-on-quarter increase in copper production, reaching just under 10,600 tonnes, supported by higher grades and improved operational stability after transaction-related disruptions.
Strong Cash Flow: The quarter saw record operating free cash flow of about $42 million, driven by increased output, higher grades, and improved copper prices.
Cost Reduction: Unit cash costs (C1) dropped to $1.48 per pound for the quarter and as low as $0.94 per pound in June, aided by higher production and favorable ore grades.
Guidance Maintained: Full-year production guidance is unchanged at 43,000–48,000 tonnes, with expectations to finish in the lower half of the range due to anticipated lower grades in Q3.
Balance Sheet Strength: Liquidity stood at $196 million and cash at $102 million at quarter-end, with net gearing well below 20% following refinancing and lower interest costs.
Growth Projects Progress: Major development works at the ventilation project and Merrin Mine are advancing on schedule, both tracking for key milestones in Q4.
Harmony Transaction: The sale to Harmony Gold is progressing with required restructuring agreements executed and a shareholder vote planned for August 29.