Metals Acquisition Ltd. (MAC) completed its heavily oversubscribed initial public offering (IPO) in Australia and is now dual listed on the ASX and NYSE, which raised an additional A$325 million ($211 million). The implied market cap of MAC following the IPO is A$1.18 billion, making MAC’s ASX listing the largest mining listing on ASX in more than 5 years.

The proceeds will be used to further develop the company’s CSA Copper mine near Cobar in New South Wales, Australia to pay a deferred payment due to the previous owner of the CSA Copper mine (Glencore), and to fund growth opportunities at CSA. MAC said its goal is to create a leading mid-tier, multi-asset producer of metals critical to the decarbonization of the global economy.  The CSA Copper mine is the highest-grade copper mine in Australia. Annually it produces about 40,000 metric tons (mt) copper and 450,000 oz of silver.

Backed by a strong board and management team, MAC is led by CEO Mick McMullen, who has more than 30 years of senior leadership experience in the exploration, financing, development, and operations of mining companies globally.

McMullen grew up in western NSW and was previously CEO and President of Canadian gold producer Detour Gold Corp., where he increased Detour’s market capitalization from C$2.1 billion to C$4.9 billion over seven months leading to the C$4.9 billion acquisition of Detour by Kirkland Lake Gold Ltd. He was CEO at U.S. palladium and platinum producer, Stillwater Mining Co., increasing its market capitalization from $1.3 billion to $2.2 billion, and its eventual $2.7 billion sale to Sibanye Gold Ltd.

“While we have made significant progress in improving overall operational performance at our CSA Copper mine to date, our initial focus will be to assess further exploration, development, and production improvement opportunities,” McMullen said. “With a disciplined M&A strategy, we will continue to evaluate prospects for growth through acquiring and operating assets in stable mining jurisdictions that will benefit from a turnaround and optimization program to enhance value.”

McMullen said the company is focused on ESG stewardship and a firm commitment to the responsible and sustainable discovery, development, extraction, and use of mineral resources. “We are also committed to ensuring our assets are operated safely in partnership with local communities and other stakeholders,” McMullen said.