HBM - Shareholders OK Hudbay acquisition of Copper Mountain Mining

2023-06-13 18:06:56 ET

Hudbay Minerals ( NYSE: HBM ) and Copper Mountain Mining ( OTCPK:CPPMF ) said Tuesday that shareholders of both companies have easily approved the resolutions required to complete their planned merger.

Each Copper Mountain ( OTCPK:CPPMF ) shareholder will receive 0.381 of a Hudbay ( HBM ) share for each Copper Mountain share or CDI currently held.

Hudbay ( HBM ) says the acquisition will result in an estimated $30M/year of operating efficiencies and corporate synergies, including ~$20m annually from operating cost reductions through the application of the company's operating efficiency practices to the Copper Mountain ( OTCPK:CPPMF ) mine.

The strategic and financial benefits from the deal ultimately position the combined company for a valuation re-rating, Hudbay ( HBM ) said.

More on Hudbay Minerals:

• Financial and valuation comparison to sector peers
• Analysis: Hudbay surges as proxy advisors ISS, Glass Lewis support Copper Mountain merger
• Stock price return: Down 4% YTD, down 2.5% in the past 12 months

For further details see: