VW, Glencore Back $1B SPAC Mine Deal to Secure EV Metals

Russian metal industry veteran Artem Volynets' blank check firm agreed to acquire two Brazilian mines for $1 billion including debt in a bid to tap demand from electric-vehicle makers, reports.

-listed ACG Acquisition is buying the assets from firm Appian Capital Advisory. Volkswagen AG's battery arm will support the deal with a $100 million prepayment for future nickel deliveries, while commodities trader Glencore Plc will buy $100 million of ACG stock.

The transaction includes a nickel sulphide mine in Santa Rita, known as Atlantic Nickel, as well as the Mineraçao Vale Verde copper mine in Serrote. Chrysler owner Stellantis NV and La Mancha Resource Capital have agreed to buy $100 million of ACG stock apiece. Read more.

Source: VW, Glencore Back B SPAC Mine Deal to Secure EV Metals