The deal is expected to be completed in the first quarter of 2022.

As part of the transaction, Trafigura will retain the life-of-mine 100% offtake agreement for copper concentrates from Matsa.

Matsa owns the Aguas Teñidas, Sotiel and Magdalena mines in southern Spain, which produce copper, zinc and lead concentrates, with silver by-products.

Sandfire operates the DeGrussa copper-gold mine, located 900km north of Perth in Western Australia, which produces high-quality copper-in-concentrate with significant gold credits.

Spot trading was quiet in China’s copper concentrates market in the week to last Friday September 17 ahead of China’s Mid-Autumn festival on September 18-21.

Fastmarkets' copper concentrates TC/RC index, cif Asia Pacific was, therefore, unchanged at $60.1 per tonne, or 6.01 cents per pound.