Capstone Copper Sells Cozamin Mine to Luca Mining for up to $385M

Capstone Copper has agreed to sell its Cozamin mine in Mexico to Luca Mining for up to $385 million. The deal includes an upfront payment of $275 million, plus $15 million worth of shares and $35 million in deferred consideration.

Additionally, Capstone will receive up to $60 million in contingent earn-outs tied to future copper prices.

Capstone CEO Cashel Meagher said the sale would provide 'added flexibility' as the company moves towards becoming a focused tier-one growth producer. The deal marks Luca's second acquisition of a Mexican asset in recent days, following its agreement last week to buy the El Barqueno property from Agnico Eagle Mines for up to $60 million.