Capstone Copper sells Cozamin mine for $385M
- Capstone Copper signed an agreement to sell its Cozamin copper-silver-zinc-lead mine to Luca Mining for up to $385 million.
- Net proceeds from the transaction will strengthen the balance sheet and provide financial flexibility for growth.
- The strategic divestiture frees up capital to focus on transformational copper projects in Chile and the United States.
Capstone Copper (ASX:CSC) has agreed to sell its Cozamin mine in Mexico to Luca Mining Corp. for a total consideration of up to $385 million.
The mine has provided steady operational performance and strong cash flows since its first full year of operations in 2007.
"It is an ideal time to streamline our portfolio through this divestiture as we advance towards transformational copper growth in Chile and the United States," said Capstone Copper President and CEO Cashel Meagher.
Under the deal terms, the miner receives $275 million in upfront cash, $15 million in shares, $35 million in deferred cash, and up to $60 million in contingent payments.
The deal is expected to close in the fourth quarter of 2026 following regulatory approvals.
Following the announcement, the Capstone Copper share price was up at $14.55.
The transaction allows the company to retain future exploration upside at Cozamin through its new equity stake in Luca Mining.
The ongoing portfolio restructuring aligns with the business strategy to advance larger copper growth opportunities across Chile and the United States.
