Nov 23 Reuters Glencore said on Wednesday that blankcheck firm Metal Acquisition Corp MAC agreed to an amended agreement to buy the global miner39;s Cobar copper mine in Australia in a deal valued at 1.1 billion.

Glencore said the terms include Glencore receiving 1.1 billion, as originally agreed in a March deal, but with amended payment terms of 775 million in cash and up to 100 million common equity, besides other payments.

Glencore also has the right to appoint one director to MAC39;s board for each 10 interest it holds in the U.S.listed special purpose acquisition company SPAC from time to time, MAC said in a statement overnight.

SPACs are shell companies that raise money in an initial public offering and put it in a trust for the purpose of merging with a private company and taking it public.

MAC said it would need to raise at least 125 million to fund the cash component of the deal, which is expected to close in the first quarter of 2023.

Reporting by Yadarisa Shabong; Editing by Savio D39;Souza

Source Reuters