Commodities
Capstone Copper Shares Soar on $542 Million Divestment Deal
Capstone Copper Corp (ASX: CSC) shares are on the rise after the company announced a major divestment deal. The miner has entered into a definitive agreement to sell its Cozamin copper-silver zinc-lead mine in Mexico to Luca Mining Corp for up to US$542 million.
The sale includes upfront cash of US$275 million, 1.7 million Luca shares valued at US$15 million, and up to US$60 million in contingent cash consideration tied to annual average copper prices.
Capstone Copper will use the funds from the sale to strengthen its balance sheet and support its growth pipeline.