Capstone Copper Sells Mexican Mine to Luca Mining for Up to $385 Million
Capstone Copper has announced that it will sell its Cozamin mine in Mexico to Luca Mining for up to $385 million. The deal includes $275 million in cash at closing and $15 million in Luca shares, as well as $35 million in deferred consideration and up to $60 million linked to future copper prices.
The sale is expected to close in the fourth quarter, subject to regulatory approvals and other customary conditions. Capstone CEO Cashel Meagher said that it's an ideal time to streamline their portfolio through this divestiture as they advance towards transformational copper growth in Chile and the US.
Capstone will retain some exposure to Cozamin through the $15 million in Luca shares it will receive at closing. The remaining $60 million depends on copper prices from 2027 through 2029, with payments calculated after each year based on the average annual LME copper price.