Capstone 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 a cash payment of $275 million at closing, as well as an additional $15 million in shares and up to $60 million in payments linked to future copper prices.
The sale is part of Capstone's strategy to focus on larger copper growth projects in Chile and the United States. Capstone CEO Cashel Meagher said that it is an ideal time to 'streamline our portfolio' through this divestiture as they advance towards transformational copper growth in Chile and the United States.
Luca Mining plans to use Cozamin's production to more than double its 2027 production profile, while increasing its exposure to copper and silver. The acquisition is expected to close in the fourth quarter, subject to regulatory approvals and other customary conditions.