Copper Mountain Mine, which is about 20 kilometres south of Princeton, has been giving up its bounty since the late 1800s. A handful of different companies eventually established commercial mines there, the last of which closed in 1996.
The mine’s current owners resurrected it in 2011 when Mitsubishi Materials Ltd. took a 25% stake and agreed to buy all the copper it produces. Copper Mountain employes about 400 people and last year produced about 24,000 tonnes of copper equivalent – about half its typical annual output – as a result of equipment breakdowns and a ransomware attack.Hudbay Minerals operates one copper mine in Manitoba and another in Peru, and is developing two more sites in the U.S.Article content
It’s proposing to buy Copper Mountain Mining Corp. in an all-stock deal valued at about $440 million. Copper Mountain owners would receive 0.381 of a share in Hudbay Minerals for each Copper Mountain share they exchange.Hudbay Minerals shares closed Thursday at $6.40, down 2% on the day and 8% on the year.Get tough with Canada over cross-border mining contaminants, First Nations tell U.S.Our in-depth journalism is possible thanks to the support of our subscribers.