Capstone Sells Mexican Mine to Luca for up to $385M
Capstone will use the proceeds to strengthen its balance sheet and support growth after selling the copper-silver-zinc-lead asset.
- On Tuesday, Capstone Copper announced a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining Corp for up to $385 million in total consideration.
- Capstone Copper President and Chief Executive Officer Cashel Meagher stated the divestiture "optimises our portfolio," enabling the company to redeploy capital into high-return growth projects in Chile and the United States.
- The deal comprises $275 million in upfront cash, $15 million in Luca shares at closing, $35 million in deferred consideration on the first anniversary, and up to $60 million in contingent payments tied to annual copper prices.
- Expected to close in the fourth quarter of 2026, the transaction requires regulatory approvals from stock exchanges and the Mexican National Antitrust Commission before Luca assumes ownership of the mine.
- Shares of Capstone Copper rose 1.6% to $14.78 on Tuesday following the announcement, extending a 33.5% surge over the past year driven by strong global copper demand and prices near all-time highs.
11 Articles
11 Articles
Capstone President and CEO Cashel Meagher said that "it is the ideal time to rationalize our portfolio through this divestment, as we move towards transformative copper growth in Chile and the United States."
Capstone Copper Announces Sale of Cozamin for Total Consideration of up to $385 Million
VANCOUVER, British Columbia — Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) announces today that it has entered into a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine (“Cozamin”), located in Zacatecas, Mexico, to Luca Mining Corp. (“Luca”) (TSXV:LUCA) (OTCQX:LUCMF) (Frankfurt:Z68) for up to $385 million in total consideration (the “Transaction”). Unless otherwise stated, […]
Luca Mining Acquires Capstone's Cozamin Mine in Mexico
Luca Mining (TSXV: LUCA,OTCQX:LUCMF) agreed on Monday (September 21) to acquire the 20-year-old Cozamin underground copper-silver mine in Mexico’s Zacatecas district from Capstone Copper (TSX:CS,ASX:CSC,OTCPL:CSCCF).Under the definitive share purchase agreement, Luca will pay US$290 million upfront alongside up to US$95 million in deferred and contingent consideration.The Cozamin operation accesses ore through two ramp declines and the San Rober…
Luca buys Capstone's Cozamin copper mine in Mexico for $385m
Canadian mining company focused on gold, copper, zinc, lead and silver in Mexico, Luca Mining Corporation, has entered into a share purchase agreement with TSX- and ASX-listed copper producer Capstone Copper Corporation to acquire 100% of the Cozamin mine for $290-million upfront and $95-million in a deferred consideration. Cozamin is an existing underground copper and silver mine with a 20-year track record of continuous production. The acquisi…
Coverage Details
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
