Copper producer Aeris Resources had made an offer to acquire Glencore’s CSA copper mine in New South Wales in a deal valued at $575m.

Aeris said that the company is yet to finalise late-stage discussions, which are still ongoing, and documents related to the transaction.

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The current offer consists of a mix of cash of around $525m and Aeris shares that are worth around $50m, in addition to a royalty payable to Glencore.

Aeris said in a statement: “Whilst Aeris provides this information to ensure that Aeris shareholders are informed as to the current status of discussions around the offer, it is important to note that there is no guarantee that the potential acquisition will proceed.

“Additionally, in the event that a formal agreement for the potential acquisition is entered into, it will likely be subject to a number of conditions including required shareholder approval.”

“The current offer consists of a mix of cash of around $525m and Aeris shares that are worth around $50m, in addition to a royalty payable to Glencore.”

Aeris aims to fund the deal through a combination of debt, between $250m and $300m; equity capital raising, between $185m and $240m; and a streaming arrangement, where the company would sell copper and silver produced at the mine directly to Glencore, which is estimated to be worth up to $40m. However, Aeris has not yet finalised these funding arrangements.

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The company is currently holding late stage discussions with major shareholder Special Portfolio Opportunity V, a subsidiary of a fund managed by PAG, Orion Mine Finance and others.

RBC Capital Markets and Macquarie Capital will manage the equity component of the fundraising.

Glencore, which had put the mine up for sale in 2015, withdrew it from the market in 2016 as the company could not agree to a deal with potential buyers, Reuters reported.