(Alliance News) - Glencore PLC on Friday said sold its wholly owned stake in Cobar Management Pty Ltd, the owner of the Cobar copper mine in New South Wales, Australia. The Barr, Switzerland-based miner and commodity trader said it has sold the copper mine to Metals Acquisition Corp. Glencore said it has received USD775 million in cash and USD100 million in shares on closing. As of Friday, Glencore holds a 20.6% interest in Metals Acquisition. The transaction also includes a USD75 million deferred payment to be paid within 12 months and a USD150 million contingent payment contingent upon future copper prices, as well as a 1.5% life of mine net smelter return royalty. Metals Acquisition will assume ownership and full operational control of the mine and Glencore will offtake 100% of the copper concentrate produced at Cobar.