bullish
Can CSA SPAC Its Way Through a Commodity Crash?
SUMMARY
- 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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