Commodities have had a wild rally over the last two years, incentivising miners to go public amidst heightened investor enthusiasm.
Despite this, markets have slept through the announcement of Glencore’s CSA Copper Mine being spun off through a $1.1 billion SPAC merger with Metals Acquisition Corp.
The deal price implies a 4.5x multiple of 2022 EBITDA, which is a breath of fresh air in SPACland, where valuations have hovered at many multiples of sales that are three or four years out.
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