Hudbay Minerals has secured a $44.25 million deal to acquire Mitsubishi Materials’ 25% stake in the Copper Mountain mine in British Columbia. The acquisition consolidates Hudbay’s ownership of the asset, positioning the company as a major copper producer in Canada.
Hudbay will pay $4.5 million upfront, with deferred and contingent payments potentially reaching $39.75 million. The company will also assume responsibility for Copper Mountain’s $104 million intercompany loan.
The transaction is expected to close in the second quarter of 2025, pending regulatory approval.
Hudbay anticipates Copper Mountain’s output to reach 60,000 tonnes by 2027, a 200% increase from 2024 levels. Hudbay will also gain rights to 15% of the mine’s copper concentrate offtake for the next 15 years, with 100% offtake rights thereafter.
