Capstone acquisition of BHP’s Arizona copper mine gets antitrust nod
TORONTO (miningweekly.com) – Canadian base-metals miner Capstone Mining on Tuesday said it had received approval by the US Federal Trade Commission (FTC), under the Hart-Scott-Rodino Antitrust Improvements Act, to proceed with the $650-million acquisition of the Pinto Valley copper mine and the associated San Manuel Arizona Railroad Company, in Arizona, from BHP Copper.
The company on Tuesday also said the restart of the Pinto Valley mine was progressing according to plan and, as of May 27, the 20-day average mining rate was about 49 100 t/d at an average grade of 0.33% copper, producing about 6.5-million pounds of copper.
Copper recovery averaged 84.2%, producing a copper concentrate with an average grade of 29%.
"We are very pleased that the restart of the Pinto Valley operation is proceeding well and according to plan. The successful restart and FTC approval are two important steps towards [the] closing of the transaction,” Capstone CEO Darren Pylot said.
He added that the most significant remaining condition for the transaction to close was to transfer the operating permits, which was in progress.
"Once those transfers are completed, we would anticipate proceeding quickly to close the transaction, which we expect will take place in the third quarter."
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