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Hudbay Minerals Completes Acquisition of Copper Mountain Mining to Create a Premier Americas-Focused Copper Producer
TORONTO, June 20, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) is pleased to announce that it has closed its previously announced c
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, June 20, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) is pleased to announce that it has closed its previously announced court-approved plan of arrangement with Copper Mountain Mining Corporation (“Copper Mountain”), pursuant to which Hudbay has acquired all of the issued and outstanding common shares of Copper Mountain effective as of today’s date (the “Transaction”). Copper Mountain is now a wholly-owned subsidiary of Hudbay and, in accordance with the terms of the Transaction, former Copper Mountain shareholders received 0.381 of a Hudbay share for each Copper Mountain share previously held. The Transaction creates a premier Americas-focused copper mining company that is well-positioned to deliver sustainable cash flows from an operating portfolio of three long-life mines, as well as compelling organic growth from a world-class pipeline of copper expansion and development projects. All assets in the combined portfolio are located in the tier-one mining-friendly jurisdictions of Canada, Peru and the United States. The combined company represents the third largest copper producer in Canada based on 2023 estimated copper productioni. Peter Kukielski, Hudbay’s President and Chief Executive Officer, commented, “We look forward to the formal integration of Copper Mountain into our complementary portfolio of operating assets. By applying our technical expertise, we expect to unlock significant annual operating efficiencies and synergies at the mine to drive further value for shareholders. This transaction creates a larger, more resilient operating platform that enhances our copper exposure, accelerates our deleveraging efforts, and positions us to more efficiently allocate capital to prudently advance our enviable organic growth pipeline.” Leadership Additions In connection with the closing of the Transaction, Hudbay has appointed Jeane Hull and Paula Rogers to its board of directors. Jeane Hull has over 35 years of operational leadership and engineering experience, most notably holding the positions of Executive Vice President and Chief Technical Officer of Peabody Energy Corporation and Chief Operating Officer for Kennecott Utah Copper Mine, a subsidiary of Rio Tinto plc. Paula Rogers has over 25 years of experience working for Canadian-based international public companies in the areas of cor...