{"id":588827,"date":"2023-06-18T00:00:00","date_gmt":"2023-06-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/18\/la-mancha-bets-big-on-brazilian-metals\/"},"modified":"2023-06-18T00:00:00","modified_gmt":"2023-06-18T00:00:00","slug":"la-mancha-bets-big-on-brazilian-metals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/18\/la-mancha-bets-big-on-brazilian-metals\/","title":{"rendered":"La Mancha bets big on Brazilian metals"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">La Mancha chi<\/span><span style=\"font-weight:700\">ps in USD 100 mn for Brazilian mine acquisitions:<\/span><span style=\"\"> The Naguib <\/span><span>Sawiris-run <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/lamancharesourcecapital.com\/\" style=\"\">La<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/lamancharesourcecapital.com\/\" style=\"\">Mancha Fund<\/a><\/span><span> is backing the USD 1 bn acquisition of two Brazilian mines by London-listed SPAC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.acgcorp.co\/\" style=\"\">ACG Acquisition Company<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/814.pdf\" style=\"\">ACG announced (pdf)<\/a><\/span><span> on Monday. The fund has invested USD 100 mn in support of the deal, which will see the blank-check firm acquire the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/atlanticnickel.com\/uk\/\" style=\"\">Santa Rita nickel sulfide<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/vale-verde.com\/uk\/index.php\/projeto-serrote\/\" style=\"\">Serrote copper mines<\/a><\/span><span style=\"font-weight:400;\"> in the South American country.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Big name investors behind the takeover:<\/span><span> The acquisition is also being backed by global commodities giant <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.glencore.com\/\" style=\"\">Glencore<\/a><\/span><span>, Chrysler parent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.stellantis.com\/en\" style=\"\">Stellantis<\/a><\/span><span>, and VW\u2019s battery unit <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.powerco.de\/\" style=\"\">PowerCo<\/a><\/span><span style=\"font-weight:400;\">. Each will invest USD 100 mn including La Mancha. PowerCo\u2019s USD 100 mn investment will come int the form of a nickel prepayment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Metals refined for EV batteries:<\/span><span style=\"font-weight:400;\"> The metals will be refined at Glencore\u2019s facilities in Western Europe and North America and the refined metals will then be used by Stellantis, PowerCo and other manufacturers to make electric vehicle (EV) batteries. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ACG gets a new name and new owners:<\/span><span> The firm will change its name to ACG Electric Metals and issue new shares, giving Glencore, Stellantis and La Mancha a 51% ownership stake and leaving 49% for free float, ACG CEO Artem Volynets told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/glencore-automakers-back-1-bln-nickel-copper-spac-deal-brazil-2023-06-12\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BACKGROUND<\/span><span>: La Mancha in 2021 transformed itself into a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b65943c0-3188-4aee-8b65-4ed39716e7fc\" style=\"\">USD 1.4 bn mining<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b65943c0-3188-4aee-8b65-4ed39716e7fc\" style=\"\">fund<\/a><\/span><span style=\"font-weight:400;\"> that includes all of La Mancha\u2019s current gold mining assets as well as a USD 100 mn contribution from an unnamed strategic investor.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD 1 bn acquisition is also backed by Glencore, Stellantis, and VW\u2019s battery unit<\/p>\n","protected":false},"author":1,"featured_media":588828,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8008],"tags":[72,3689,373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-enterpriseam","tag-la-mancha","tag-mining","wpautop","entry"],"acf":{"mongo_id":"fef20de1-9d8b-4e40-9f99-9ee3fae7dffe","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/828.jpg","photo_position":"above","homepage_title":"","full_issue_title":"La Mancha backs USD 1 bn Brazil metals acquisition","related_issue":[588816],"teaser":"The USD 1 bn acquisition is also backed by Glencore, Stellantis, and VW\u2019s battery unit","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.bf6d9212-31aa-4a03-919a-a7ead105711f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company announced this\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/280.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566876,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/sawiris-la-mancha-transforms-into-mining-fund\/","url_meta":{"origin":588827,"position":1},"title":"Sawiris\u2019 La Mancha transforms into mining fund","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"Sawiris-run La Mancha is transforming itself into a USD 1.4 bn mining fund that includes all of La Mancha\u2019s current gold mining assets as well as a USD 100 mn contribution from an unnamed strategic investor, the firm said in a press release (pdf). The announcement came as La Mancha\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/460.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558834,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/sawiris-likes-chilean-copper\/","url_meta":{"origin":588827,"position":2},"title":"Sawiris likes Chilean copper","author":"enterpriseam admin","date":"29 August 2021","format":false,"excerpt":"Sawiris\u2019 Altus to take a stake in Chilean copper mine: Naguib Sawiris-backed mining firm Altus Strategies has completed the first close on an agreement that would see it take a 0.42% stake in the net smelter return royalty of Chile\u2019s Caserones Copper Mine, the company said in a statement today.\u2026","rel":"","context":"In &quot;Mining&quot;","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576248,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/endeavour-to-acquire-teranga-gold-for-usd-1-86-bn-in-2021\/","url_meta":{"origin":588827,"position":3},"title":"Endeavour to acquire Teranga Gold for USD 1.86 bn in 2021","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"M&A WATCH- Sawiris-backed Endeavour Mining will acquire Teranga Gold in a USD 1.86 bn share swap expected to close in 1Q2021, creating one of West Africa\u2019s largest 10 gold producers with an annual output of 1.5 mn ounces, according to a company statement. Major shareholders in both companies \u2014 Barrick\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574875,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/a-blockbuster-gold-discovery-may-have-killed-sawiris-chances-of-nabbing-shalateen-mining\/","url_meta":{"origin":588827,"position":4},"title":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of nabbing Shalateen Mining","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of acquiring Shalateen Mining: Naguib Sawiris\u2019 interest in a majority stake in state-owned Shalateen Mining have reportedly hit a roadblock after the company made a blockbuster gold discovery in the Eastern Desert. Oil Ministry sources told Cairo24 that some of Shalateen\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561401,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/sawiris-gearing-up-to-bid-for-gold-exploration-blocks-in-egypt\/","url_meta":{"origin":588827,"position":5},"title":"Sawiris gearing up to bid for gold exploration blocks in Egypt","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Naguib Sawiris is planning to take part in Egypt's ongoing gold exploration tender, the bn\u2019aire said at a conference yesterday, the local press reports. Sawiris\u2019 La Mancha Holding is the largest shareholder in Toronto-based Endeavour Mining, and also holds an almost 35% stake in Altus strategies, whose subsidiary Akh Gold\u2026","rel":"","context":"In &quot;Mining&quot;","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=588827"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588827\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588828"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588827"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588827"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}