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Court approves Copper Mountain deal

16th June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Supreme Court of British Columbia has approved dual-listed Copper Mountain Mining Corporation’s $439-million transaction with Canadian miner Hudbay.

Under the terms of the arrangement agreement, each Copper Mountain shareholder will receive 0.381 of a Hudbay common share for each Copper Mountain common share held.

The transaction consideration represents about C$2.67 a Copper Mountain common share, which Hudbay pointed out was a 23% premium to Copper Mountain shareholders based on the respective companies' ten-day volume-weighted-average share prices on April 12.


The deal has already been approved by both Hudbay and Copper Mountain shareholders, with the Toronto Stock Exchange having conditionally approved the listing of the Hudbay common shares to be issued in connection with the transaction.

Copper Mountain on Friday said that the transaction remained subject to a number of other conditions. It was currently anticipated that the transaction would become effective on June 20.


Copper Mountain’s main asset is its 75% interest in its namesake mine, in British Columbia, which produces around 100-million pounds of copper equivalent a year.

Hudbay for its part holds a number of long-life assets in North and South America, including the Constancia operation, in Peru, which produces copper with gold, silver and molybdenum by-products ant the Snow Lake operations, in Manitoba, which produces gold with copper, zinc and silver by-products.

Edited by Creamer Media Reporter

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