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UPDATE 1-Aurelia Metals in talks to buy Glencore copper mine in Australia

Published 26/04/2019, 10:57 am
© Reuters.  UPDATE 1-Aurelia Metals in talks to buy Glencore copper mine in Australia
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* Copper mine is in New South Wales

* Miner Aeris this mth said unable to reach deal to buy the mine

* Aeris' offer had been for $575 mln (Adds detail, background)

April 26 (Reuters) - Australian miner Aurelia Metals Ltd AMI.AX 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 AIS.AX earlier this month said it was unable to reach an agreement with Glencore GLEN.L on its $575 million offer to buy the mine. 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 NGD.TO .

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.

($1 = 1.4261 Australian dollars)

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