Canada’s Capstone Mining (TSX: CS) and Chile-focused Mantos Copper, run by British investment firm Audley Capital Advisors and Orion Mine Finance, are merging to form a new, Americas-focused copper producer called Capstone Copper.
The new miner, which will trade on the Toronto Stock Exchange, will have a combined 2021 copper production base of more than 175,000 tonnes of the metal and joint reserves of 4.9 million tonnes, the companies said.
Based in Vancouver, British Columbia, Capstone Copper will have operations in the US (Pinto Valley), Mexico (Cozamin) and Chile (Mantos Blancos, Mantoverde and Santo Domingo).
The plan is to boost the combined company’s production by 45% by 2024 to 260,000 tonnes of copper per year from fully-financed projects with Mantos Blancos currently ramping up and construction underway at Mantoverde, in which Mitsubishi Materials owns a 30% stake.
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