Hudbay Minerals Acquires 25% Interest in Copper Mountain Mine

Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an email. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be "Fidelity.com: "

Hudbay Minerals Acquires 25% Interest in Copper Mountain Mine

, MT Newswires - 8:43 AM ET 3/27/2025 default

08:43 AM EDT, 03/27/2025 (MT Newswires) -- Hudbay Minerals ( HBM ) said it has signed an agreement with Mitsubishi Materials to acquire its 25% interest in Copper Mountain Mine for $4.5 million in upfront cash and up to $39.8 million in deferred and contingent cash payments.

Under the agreement, Hudbay will also be solely responsible to settle Copper Mountain Mine's outstanding obligations, including an intercompany loan owing to Hudbay, of which 25% represents about $104 million, the company said.

Hudbay said it will pay the $4.5 million on closing, and $3.0 million per year for seven years beginning on the one-year anniversary of the closing, as well as five additional contingent payments of $3.8 million payable after New Ingerbelle achieves minimum annual operating thresholds.

The deal is expected to close in Q2, the company said.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.