Metals Acquisition Corp posts bumper drilling results, market yawns
Something curious is happening at Metals Acquisition Corp.
On Monday, the New York-listed company posted an impressive set of numbers by anyone’s count, announcing recent drill results from its CSA Copper Mine near Cobar in western NSW.
They were the sorts of numbers that would see a mining stock run up at least 10 per cent. But the update failed to rouse the market.
The stock barely moved at the open in New York, gaining from $10.05 to $10.09 and trading largely flat throughout the day. It spiked in the final minutes of trade to close up 2.8 per cent to $10.33.
Fund managers reckon this has inefficient markets written all over it and will give management a kick up the butt to get its proposed ASX listing on the agenda, particularly amid a dearth of pure-play copper assets on the Australian bourse.
OZ Minerals is off to BHP, Sandfire is too fully valued for some and Aeris Resources is still stuck in the junior leagues.
It’s the kind of “company making” drilling results that would have hauled an ASX-listed junior by hundreds of millions of dollars in market cap uplift, but poor Metals Acquisition Corp isn’t getting much attention from the Americans. MAC pushed the button on a plan to list locally in May after it tapped investors for $US140 million ($210 million), tapping Barrenjoey and Canaccord to oversee an early second-half IPO process.
The company is well known to investors locally having made headlines from the moment it launched as a SPAC in the US in 2021 because it had links to Australian mining legends Bill Beament (formerly of Northern Star) and Nev Power (formerly the chief executive of Fortescue Metals).
MAC also counts Glencore director Patrice Merrin on its board.
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