<SEC-DOCUMENT>0001104659-23-087356.txt : 20230920
<SEC-HEADER>0001104659-23-087356.hdr.sgml : 20230920
<ACCEPTANCE-DATETIME>20230803170431
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-087356
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Metals Acquisition Ltd
		CENTRAL INDEX KEY:			0001950246
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR
		STREET 2:		44 ESPLANADE, ST
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE4 9WG
		BUSINESS PHONE:		8176989901

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR
		STREET 2:		44 ESPLANADE, ST
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE4 9WG
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"><IMG SRC="tm2319617d5_corresp001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(713) 860-7352</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>willburns@paulhastings.com</U></P></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR AND OVERNIGHT DELIVERY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 6%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 93%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Cheryl Brown</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Laura Nicholson</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 6%; padding: 0.25pt 0.25pt 0.25pt 8.5pt; text-indent: -8.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 93%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Metals Acquisition Limited<BR>
    Registration Statement on Form F-1</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed June 30, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>File No. 333-273088</B>&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of our client, Metals Acquisition Limited
(the &ldquo;<B><I>Company</I></B>&rdquo;), we are submitting this letter in response to the comments of the staff of the Division of Corporate
Finance (the &ldquo;<B><I>Staff</I></B>&rsquo;) of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;),
conveyed by letter dated July 25, 2023 (the &ldquo;<B><I>Comment Letter</I></B>&rdquo;), with respect to the above-referenced Registration
Statement on Form F-1 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). Concurrently with the submission of this response letter,
the Company is filing its first amendment to the Registration Statement (&ldquo;<B><I>Amendment No. 1</I></B>&rdquo;) via EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the convenience of the Staff, the numbering
of the paragraphs below corresponds to the numbering of the comment in the Comment Letter, the text of which we have incorporated into
this response letter in italicized type and which is followed by the Company&rsquo;s response. In the responses below, page number references
are to Amendment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Paul Hastings LLP | 600 Travis Street, Fifty-Eighth Floor | Houston, TX 77002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">t: +1. 713.860.7300 | www.paulhastings.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>For each of the shares and warrants being registered for resale, disclose here the price that the selling
securityholders paid for such shares or warrants, or the securities overlying such shares or warrants.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response: </I></B>The Company acknowledges
the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on pages 30 and 31 of Amendment
No. 1 to disclose (i) the price paid by the Sponsor and its affiliates for the securities being registered for resale, (ii) that the Selling
Securityholders may potentially make a significant profit with the sale of the securities covered by the prospectus depending on the trading
price of the Company&rsquo;s securities at the time of a sale and the purchase price of such securities by the applicable Selling Securityholder
and (iii) that while the Selling Securityholders may experience a positive rate of return based on the trading price of the Company&rsquo;s
securities, the public holders of the Company&rsquo;s securities may not experience a similar rate of return on the securities they purchased
due to differences in the applicable purchase price and trading price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>We note the warrants are out the money. Please disclose the likelihood that warrant holders will not
exercise their warrants. Provide similar disclosure in the prospectus summary, risk factors, and MD&amp;A section and disclose that cash
proceeds associated with the exercises of the warrants are dependent on the stock price. We note your related disclosure in your Use of
Proceeds section. As applicable, describe the impact on your liquidity and update the discussion on the ability of your company to fund
your operations on a prospective basis with your current cash on hand.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response:</I></B> The Company
acknowledges the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on pages ii, 7,
61 and 90 of Amendment No.&nbsp;1.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>We note the significant number of redemptions of your Ordinary Shares in connection with your business
combination and that the shares being registered for resale will constitute a considerable percentage of your public float. We also note
that some of the shares being registered for resale were purchased by the selling securityholders for prices considerably below the current
market price of the Ordinary Shares. Highlight the significant negative impact sales of shares on this registration statement could have
on the public trading price of your Ordinary Shares.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response: </I></B>The Company
acknowledges the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on pages
ii, 6, 31, and 90 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risk Factors, page 40</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Include an additional risk factor highlighting the negative pressure potential sales of shares pursuant
to this registration statement could have on the public trading price of the ordinary shares. To illustrate this risk, disclose the purchase
price of the securities being registered for resale and the percentage that these shares currently represent of the total number of shares
outstanding. Also disclose, if true, that even though the current trading price is at or below the SPAC IPO price, the private investors
have an incentive to sell because they will still profit on sales because of the lower price that they purchased their shares than the
public investors.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response: </I></B>The Company
acknowledges the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on pages 30 and
31 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations, page 70</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response:</I></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>In light of the significant number of redemptions and the unlikelihood that the company will receive
significant proceeds from exercises of the warrants because of the disparity between the exercise price of the warrants and the current
trading price of the Ordinary Shares, expand your discussion of capital resources to address any changes in the company&rsquo;s liquidity
position since the business combination. If the company is likely to have to seek additional capital, discuss the effect of this offering
on the company&rsquo;s ability to raise additional capital.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response: </I></B>The Company acknowledges
the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on page 90 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>Please expand your discussion here to reflect the fact that this offering involves the potential sale
of a substantial portion of shares for resale and discuss how such sales could impact the market price of the company&rsquo;s ordinary
shares.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response: </I></B>The Company acknowledges
the Staff&rsquo;s comment and has revised the Registration Statement on  90 of Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>7.</I></TD><TD STYLE="text-align: justify"><I>Revise your prospectus to disclose the price that each selling securityholder paid for the securities
being registered for resale. Highlight any differences in the current trading price, the prices that the Sponsor and other selling securityholders
acquired their shares and warrants, and the price that the public securityholders acquired their shares and warrants. Disclose, if true,
that while the Sponsor and other selling securityholders may experience a positive rate of return based on the current trading price,
the public securityholders may not experience a similar rate of return on the securities they purchased due to differences in the purchase
prices and the current trading price. Please also disclose the potential profit the selling securityholders will earn based on the current
trading price. Lastly, please include appropriate risk factor disclosure.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Response:</I></B> The Company acknowledges
the Staff&rsquo;s comment and has revised the Registration Statement on the prospectus cover pages and on pages&nbsp;30 and 31 of
Amendment No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully advises the Staff
that the Company did not disclose in the Amendment No. 1 the specific purchase price paid by the affiliates of the Company (other
than the Sponsor) for the securities being registered and the potential profit that each may make upon resale because such
disclosure (i) is not prescribed by Item 507 of Regulation S-K promulgated under the Securities Act, (ii) would provide personal and
private information about these stockholders in respect of investments they made, which information is not required by law and has
not otherwise been made public, and (iii) is not material to investors, and disclosing in the Amendment No. 1 that these
stockholders purchased the securities covered by the prospectus at prices significantly below the current trading price of such
securities, and in some cases without any consideration, provides sufficient information to investors and highlights that public
securityholders may have acquired their securities at a purchase price higher than the affiliates of the Company and that, as a
result, public securityholders may not experience a similar rate of return as the affiliates of the Company on the securities they
purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hope the foregoing answers are responsive to
your comments. Please do not hesitate to contact the undersigned at (713) 860-7352 (willburns@paulhastings.com) of this firm with any
questions or comments regarding this correspondence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
R. William Burns</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>R. William Burns </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>of PAUL HASTINGS LLP</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>(via e-mail)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Michael James McMullen, Chief Executive Officer, Metals Acquisition
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2319617d5_corresp001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2319617d5_corresp001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !, .H# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#WF[O+:PMG
MN;RXAM[=,;I9G"*N3@9)X') K+_X3#PQ_P!#'I'_ ('1?_%5B_%DX^&6K\X_
MU/\ Z.2N-\$?#'P[KWA"PU.]2Y-Q,'WF.; .'(Z?A64I2YN6*.ZE0HNC[6I)
MK6VECU2T\1:)J$OE66L:?<R?W(;I'/Y UH[AZBO$_''@>R\$:(NN>'[V\M+F
M&9 5,Y^<$_X^O%>K^'M0?5?#NG:C,@66YMTE8#H"1FG&3O:6YG6HPC!5*;NG
MIKO<U<@=2*H6FNZ1J%T]K9:K8W-P@):*&X1W4 X.0#G@UE^-O$<7ACPM=7[M
MB8J8[<>LI!V_EU_"O'="LM1^'^L>'/$-]O\ L^J*8[O<>4WL<9_#:WU!I3FX
MM(NAAE5IN;=GT\^K/H;-17%S;V=N]Q<SQP01C<\DKA54>I)X%.!!Z5S7Q#_Y
M)]KG_7HU:-V5SEA'FFH]V=#:7MK?VR7-G<PW,#YVRPR!U;!P<$<'FGSW$-K!
M)/<31PPQJ6>21@JJ!U))X KB_A-_R3?2O]Z7_P!&O6OXX_Y$77/^O*7_ -!-
M3S>[S&DJ259T_.WXFS9WUIJ-LMS974%S Q(66"0.IQP<$<4E]J-CIEO]HO[R
MWM(=P7S)Y5C7/IDG&:XOX/\ _).+'_KK-_Z,:J7QM_Y$$?\ 7Y'_ ":DYVAS
M&D<.GB?8WTO8])5E=0R,&4C((.012U4TW_D&VO\ UQ3^56ZT.5A1110(****
M "BBB@ HHHH **** "BBB@ HHHH **** .+^+'_),]7_ .V/_HY*X?P7H/CF
M\\)6$^D>)H+.Q8-Y<#P@E?F(/.T]\UZ3X\T6[\0^"]0TJQ$9N9_+V"1MJ_+(
MK')^@-'@C1[O0?"5CIE\J"X@#[_+;*\N3U_&L7"]2_D>C"O[/"\JM?FZV?1'
M%S_#7Q)X@GB7Q1XH^U6D+!A%#'@,?T ..,X->HQPQV\*1PJJ1HH5548  XJ3
M'M^E1W)E6VE,"*\H4[%8X!/8$U<8J.J.2K6G5LI6LNVAXU\4-1N];\86.AV.
MGSW\6F;;FYA@!+.6(X[XXP,_[=)XP\0Z_P"*_#LNF2^!M1MR661)LEMC*>N-
M@XQD?C77_#SPAJ6A2:IJ>N2))JM_+EV1MP"]>#[DG\A7<[<@\5FJ;DFV]SLG
MB84I1C&-^3K=[[O\3BOA9XD?Q%X0@\^0/=VF()3GD@#*L?J,?B#6E\0$:3P#
MK:(,DVCUS^@^"]4\.?$>]U.P6(:'>@^9'OP4)^;A<8X;./9J] N($N8)()4#
MQR*596'!!'0U<4W&S,*SA&LJD-G9_P":.,^$K!OAOIFT@X:7/_?QJU?'DRQ>
M ]<9R /L<BY]R,#]37$V_A7QSX'NYD\+26^IZ5(Q9;6Y(4H3]2.?<'GTI-0T
M+XA^.!'8:\EGH^F!@T@MR',A'3@,<_B0/K4*3Y>6QT.E&5;VW.N6]]]?NW.@
M^$*E/AQ89!&9)B/IYC51^-G_ "(*_P#7Y'_)J[S2=-M]'TJVT^U7;!;QB-!C
MK@=3[FN:^)'AO4/%/A@:=IPC,WVA)/WC;1@ ]_QJG%\G*94JT7BU5>BO<Z?3
M3_Q+;7_KBG\A5O->7Q6WQ:BB2))-'"HH4<]AQ6SX;3X@+K"_\)"^G'3]C;A;
M_>W=J<97TL9SP_+=\Z?S.XHHHK0Y0HHHH **** "BBB@ HHHH **** "BBB@
M HHHH BN)UM8&F=9&5<9$<;.W7'"J"35#^WK7_GWU'_P7S?_ !-7KN[M[&V>
MYNIHX84QNDD8*HR<#)/N126MU#>VZW%O,DL+_=>-L@_C0!2_MZU_Y]]1_P#!
M?-_\31_;UK_S[ZC_ ."^;_XFM2JEGJ5E?O*MI=0SF([7$;AMI]#B@"M_;UK_
M ,^^H_\ @OF_^)H_MZU_Y]]1_P#!?-_\36I5>\O;:P@,]W/'!"" 7D8*H)Z<
MF@"G_;UK_P ^^H_^"^;_ .)H_MZU_P"??4?_  7S?_$U=M+NWOH%GM9XYX6Z
M/&VX'\14] &7_;UK_P ^^H_^"^;_ .)H_MZU_P"??4?_  7S?_$U=NKN"RA:
M:YFCAB7J\C;0/Q-9*^,O#CMM76;/KC)DP,_6@"S_ &]:_P#/OJ/_ (+YO_B:
M/[>M?^??4?\ P7S?_$UHQ2)-&LD;JZ,,JRG((]152^U?3M,9%OKVWMB^=OFR
M!<XZXS]10!#_ &]:_P#/OJ/_ (+YO_B:/[>M?^??4?\ P7S?_$U'_P )5X?_
M .@U8?\ @0O^-*OB?0I'5$U>R9F.% G7D_G0 _\ MZU_Y]]1_P#!?-_\31_;
MUK_S[ZC_ ."^;_XFM,U4L]3L=0>5+.[AG:$@2"-PQ4GUQTZ&@"O_ &]:_P#/
MOJ/_ (+YO_B:/[>M?^??4?\ P7S?_$UH22I%$\DC!$0%F9C@ #J:ALM1L]2C
M,EG=0W" X+1.& /X4 5?[>M?^??4?_!?-_\ $T?V]:_\^^H_^"^;_P")K3-5
M+/4[+4&D%G=PSF([7$;AMI]#CITH K_V]:_\^^H_^"^;_P")H_MZU_Y]]1_\
M%\W_ ,36G5+4-7T_2D#W][!;*>AE<+F@"'^WK7_GWU'_ ,%\W_Q-']O6O_/O
MJ/\ X+YO_B:AMO%F@7<JPP:O:-*>B^: 3^=;*G- &9_;UK_S[ZC_ ."^;_XF
MC^WK7_GWU'_P7S?_ !-:E8]UXIT.QG,-SJMHDJ]4\P$CZXZ4 2?V]:_\^^H_
M^"^;_P")J_;SK=0+,BR*K9P)(V1NN.58 BJNGZUINJ@FPOK>YQU\N0$C\*OT
M %%%% '+_$3_ )$34O\ ME_Z-2F^ ;B"/P5IRM-&I ?@L!_&U.^(G_(B:E_V
MR_\ 1J5SOA/P'H&L>&;._O+5WN)0V]A*PSAB.@^E 'HGVNV_Y^(O^^Q7G_PO
M(^W^(\=#<J?_ !YZUO\ A6/A?_GRD_[_ +?XUC_"R-8;K7XD&%2=5&>N 7%
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M9I["Y*FW<@+L+' //;L<>F?:K'PJ_P!=KW_7=?YO0!W&N:DFCZ)=Z@_(@C+
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J3;FBAD#&3\B>?\:[RPL;;3;*.TM(A%!'G:@Z#))/ZDU9HH **** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
