Hudbay takes full ownership of Copper Mountain mine
TSX- and NYSE-listed Hudbay Minerals has completed its acquisition of Mitsubishi Materials Corporation’s (MMC's) 25% stake in the Copper Mountain mine in British Columbia, giving it full ownership of the operation.
An initial $4.5-million cash payment has been made, with further payments to follow as per the purchase agreement.
The deal boosts Hudbay’s copper output and reinforces its position as Canada’s second-largest copper producer. The company has launched a review of its Canadian corporate structure to unlock tax synergies.
Hudbay says it values its ongoing partnership with MMC, which will continue through existing offtake and secondee arrangements.
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