- Write by:
-
Friday, April 14, 2023 - 15:31:19
-
158 Visit
-
Print
Mining News Pro - Canadian miner Hudbay Minerals Inc said on Thursday that it would buy Copper Mountain Mining Corp in a $439 million all-share deal to boost its copper portfolio. The Copper Mountain Mine is located about 20 km south of Princeton, British Columbia and 300 km east of the port of Vancouver.
The deal is the latest in a wave of buyout offers across the mining sector, as companies look to expand their copper footprint. The red metal is a hot target as it is seen as indispensable to the global energy transition from hydrocarbons.
The combined company would create the third largest copper producer in Canada and the deal could unlock $30 million per year in operating efficiencies and corporate synergies, Hudbay said.
Last week Glencore Plc made an unsolicited $22.5 billion bid for copper miner Teck Resources.
Copper is used in everything from electrical wiring to rechargeable batteries is crucial for global energy transition towards renewable sources.
Under terms of the deal, each Copper Mountain shareholder will receive 0.381 of a Hudbay common share for each Copper Mountain common share held. The deal values Copper Mountain at C$2.67 per share which represents a 18% premium to it last close.
Upon closing of the deal, existing Hudbay and Copper Mountain shareholders will own about 76% and 24% of Hudbay, respectively.
The miners expect the deal to be completed late in the second quarter or in early third quarter of 2023.
US-listed shares of Hudbay were down 3.7% in pre-market trade.
Short Link:
https://www.miningnews.ir/En/News/622820
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
No comments have been posted yet ...