Abu Dhabi-based sovereign investor, Mubadala Investment and Singapore’s leading commodity trading firm Trafigura have completed the sale of 100 percent of Spanish mining operation Minas de Aguas Teñidas (MATSA) to the Australian mining and exploration company Sandfire Resources.
The company said in a statement that “the sale was completed after obtaining the necessary regulatory approvals.”
MATSA owns and operates two mines in the Almonaster La Real municipality and one mine in the province of Huelva, Andalusia. The company’s processing plant can handle more than 4.4 million tons of copper and polymetallic ore each year.
Mr. Danny Dweik, Head of Industrials at Mubadala said that, “MATSA is one of the world’s highest quality copper mines, with a highly skilled and productive workforce. Our concentrated efforts over the past six years have helped to fully realize the potential of this asset by significantly upgrading its standards of technological innovation, increasing its production capacity, and greatly improving its sustainability standards. The company is now well-positioned to benefit from global decarbonization initiatives under Sandfire’s ownership.”
According to the statement, the sale is the culmination of significant investment in the MATSA mining complex and aligns with Mubadala’s mandate to recycle capital to maximize returns to its shareholder. Mubadala acquired its 50 percent stake in MATSA from Trafigura in 2015.
“As part of the sale agreement, Trafigura Group will retain the life of mine concentrate offtake agreement for 100 percent of MATSA offtake, building on Sandfire’s already well-established relationship with Trafigura,” as per the statement.
Mubadala’s $243.4 billion (AED 894 billion) portfolio spans six continents with interests in multiple sectors and asset classes. It has offices in London, Rio de Janeiro, Moscow, New York, San Francisco, and Beijing.
