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20h ago

Hudbay Minerals to Acquire Arizona Sonoran in $1.48 Billion All-Stock Deal

The agreement would join the Cactus project with Hudbay’s Copper World to create a large copper district in Arizona.

Hudbay Minerals said on Wednesday Mitsubishi Corp will buy a 30% stake in its Copper World project in Arizona for $600-million, boosting financing and strategic backing for the U.S. copper mine.
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Overview

  • Arizona Sonoran shareholders will receive 0.242 of a Hudbay share per ASCU share, implying C$9.35 per share and a 30% premium to ASCU’s Feb. 27 close.
  • Companies say the combination positions the assets as one of North America’s most significant copper districts centered on Cactus and Copper World.
  • A special meeting of ASCU securityholders is expected in May 2026, with completion targeted for the second quarter pending court and regulatory approvals in Canada and the U.S.
  • Post-close ownership is expected to be about 89% for existing Hudbay shareholders and 11% for former ASCU holders, with ASCU shares to be delisted from the TSX.
  • Hudbay projects scaling copper output from roughly 125,000 tonnes today to more than 250,000 tonnes by 2030, with potential to exceed 350,000 tonnes including Cactus.