Primarily based in Vancouver, British Columbia, Capstone Copper may have operations within the US (Pinto Valley), Mexico (Cozamin) and Chile (Mantos Blancos, Mantoverde and Santo Domingo).
The plan is to spice up the mixed firm’s manufacturing by 45% by 2024 to 260,000 tonnes of copper per yr from fully-financed initiatives with Mantos Blancos currently ramping up and building underway at Mantoverde, by which Mitsubishi Supplies owns a 30% stake.
Beneath the phrases of the deal, every present Capstone Mining shareholder will obtain one share of the brand new firm per share owned of Capstone Mining. Present Capstone homeowners will personal 61% of the brand new firm, whereas Mantos shareholders will personal 39%.
Mantos govt chairman, John MacKenzie, will lead the mixed firm as its chief govt, whereas Capstone boss Darren Pylot will take the position of govt chairman.
Mantos Copper acquired Mantoverde and Mantos Blancos copper mines from Anglo American in 2015.
The Mantoverde open pit mine, within the arid Atacama Desert, holds an estimated 2.1 million tonnes of copper reserves.
The corporate lately accomplished an growth of the sulphides concentrator at its different operation, Mantos Blancos, which prolonged the asset life till 2035.
The deal is anticipated to shut within the first quarter of 2022, the events mentioned.
Copper, utilized in building and energy, has turn out to be some of the sought-after commodities as a result of its key position in the transition to a greener economy. The purple metallic is required for battery storage, EV charging stations and associated grid infrastructure.
Chile is the world’s largest copper producer, assembly greater than 30% of worldwide demand. The metallic accounts for as much as 15% of the nation’s gross home product.