Aeris Resources offers $575m for Glencore's CSA copper mine

The company said on Wednesday that late-stage negotiations around the offer - which comprises around $525m in cash, $50m in shares and a royalty payable to Glencore - are ongoing but not yet finalised.

Aeris said the deal would be funded through a combination of debt, an equity capital raising and a silver stream. The final sizing of, and participants in, the relevant components of the raising are yet to be finalised, but Aeris is in late stage discussions with major shareholder Special Portfolio Opportunity V Limited, a subsidiary of a fund managed by PAG, Orion Mine Finance and others.

The company insisted there is no guarantee that the 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.

"Accordingly, given that there is no certainty that a transaction will proceed, Aeris advises that shareholders should be cautious in trading on media speculation. The company will update the market if and when any formal agreement is entered into in relation to the proposed acquisition."

At 0915 GMT, Glencore shares were down 1.8% at 314.55p.