The Sandfire Resources Ltd (ASX: SFR) share price is rising today following an acquisition update.
The mining and exploration company announced this morning that relevant applications for its upcoming infrastructure acquisition have been approved. This places the transaction two months ahead of schedule.
At the time of writing, the Sandfire share price is up 1.06% at $6.66.
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What did Sandfire announce?
The Sandfire Resources share price is on the move after the company announced its proposed acquisition of MATSA has taken a step closer to completion. MATSA is an underground copper location in the Iberian Pyrite Belt of Spain.
According to Sandfire, the site is a large-scale, high-quality, low-cost, long-life development that will establish the company as a leading copper-focused producer.
As such, the resources attached from the MATSA site will become paramount to the miner's global operations over the next decade.
Sandfire initially announced the takeover back in September, with an agreed transaction of US$1.8 million.
This transaction is now unconditional and will proceed toward completion toward the end of next month.
Karl Simich, managing director and CEO of Sandfire, said the clearance of the relevant approvals in such a short turnaround was a "fantastic result", and would put the handover two months ahead of schedule.
The acquisition has been funded by a combination of debt, exisiting cash reserves, and equity, the company said.
Sandfire Resources share price snapshot
The Sandfire Resources share price has increased by 31% this year.
The company experienced a two-year price high back in April, following a quarterly update detailing high production and solid cost estimates.
The company has a market capitalisation of over $2 billion and a price-to-earnings ratio (P/E) of 6.88.
