Luca Mining Acquires Cozamin Mine from Capstone Copper for US$385 Million

Capstone Copper has agreed to sell its Cozamin mine in Zacatecas, Mexico, to Luca Mining Corp. for up to US$385 million.

The deal includes upfront cash of US$275 million, US$15 million in Luca shares, US$35 million in deferred consideration, and contingent payments tied to copper prices between 2027 and 2029, worth up to US$60 million.

Capstone CEO Cashel Meagher framed the sale as portfolio optimization, saying Cozamin has anchored the company's cash flow since entering commercial production in 2006. Divesting it frees up capital for Capstone's copper growth projects in Chile and the United States.

Luca Mining expects Cozamin to more than double its 2027 production profile, pushing combined net revenue to around US$598 million next year.