Hudbay Minerals Inc. [HBM-TSX, NYSE] and Copper Mountain Mining Corp. [CMMC-TSX; C6C-ASX] have received a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Hudbay will acquire all of the issued and outstanding common shares of Copper Mountain.
The transaction remains subject to the satisfaction of certain other customary closing conditions for transactions of this nature. The Toronto Stock Exchange has conditionally approved the listing of the Hudbay common shares to be issued in connection with the transaction, and the requisite regulatory approval for the transaction under the Competition Act (Canada) has been obtained. Additionally, the shareholders of both Hudbay and Copper Mountain have approved the applicable resolutions to give effect to the transaction. It is currently anticipated that the effective date of the transaction will occur on or about June 20, 2023.
Hudbay Minerals is a diversified mining company with long-life assets in North and South America. The company’s Constancia operations in Cusco (Peru) produce copper with gold, silver and molybdenum byproducts. Its Snow Lake operations in Manitoba (Canada) produce gold with copper, zinc and silver byproducts. Hudbay has an organic pipeline that includes the Copper World project in Arizona and the Mason project in Nevada (United States), and its growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria.
Copper Mountain Mining owns 75% of the Copper Mountain mine, which is located in Southern British Columbia near the town of Princeton. The Copper Mountain mine produces approximately 100 million pounds of copper equivalent on average per year.