Sandfire Resources has signed an agreement with Trafigura and Mubadala Investment Company to acquire Minas De Aguas Teñidas for USD 1.86 billion. Located in the Iberian Pyrite Belt of Spain, the MATSA mining complex consists of three underground copper mining operations. It feeds a 4.7Mtpa central processing facility to produce 100-120ktpa CuEq per annum. As part of the deal, Trafigura will continue to hold the life of mine concentrate offtake agreement for 100% of offtake from MATSA.MATSA started commercial production in 2009 and has witnessed a total of $1.7bn investment since 2005. The complex includes the Aguas Teñidas, Magdalena and Sotiel underground mines.The acquisition is expected to transform Sandfire into one of Australia’s largest copper focused producers, by enabling exposure to a long-life and first-quartile low-cost operation, with nearly 12 years mine life.The transaction is expected to be closed in the first quarter of 2022, subject to Spanish Foreign Direct Investment and anti-trust merger approval.Sandfire is an Australian mining and exploration company that operates the DeGrussa copper-gold mine, located 900km north of Perth in Western Australia.