HBM - Hudbay Minerals to buy Copper Mountain for C$2.67/share

2023-04-13 08:08:18 ET

Hudbay Minerals ( NYSE: HBM ) said Thursday it agreed to acquire Copper Mountain Mining ( OTCPK:CPPMF ) in an all-stock deal valued at US$439M that will create Canada's third largest copper producer.

Under the deal terms, each Copper Mountain ( OTCPK:CPPMF ) shareholder will receive 0.381 of a Hudbay ( HBM ) common share for each Copper Mountain common share held, representing C$2.67/share.

The combination creates a 150K metric tons/year copper producer with long-life mines and a world-class pipeline of organic copper growth projects, Hudbay ( HBM ) said.

The company estimated the deal could unlock US$30M in annual operating efficiencies, including US$20M/year from operating cost reductions through the application of efficiency practices to the Copper Mountain mine.

Hudbay Minerals ( HBM ) recently moved closer to the Phase 1 start of its Copper World complex in Arizona following progress in permitting .

For further details see: