Hudbay completes buy-out of Arizona Sonoran to create one large copper district
TSX- and NYSE-listed Hudbay Minerals has completed the acquisition of Arizona Sonoran Copper, with Arizona Sonoran shareholders having received 0.242 of a Hudbay common share for each Arizona Sonoran share held.
The acquisition involved Hudbay acquiring all of the shares it does not already own by way of a court-approved plan of arrangement.
The deal strengthens Hudbay's position as a leading Americas-focused copper company.
Together with the advancement of Hudbay's Copper World project, the addition of Arizona Sonoran's Cactus project to the group's portfolio creates one of the most significant copper districts in North America.
"With a strong balance sheet, sustainable free cash flow generation from our diversified operating platform and a disciplined capital allocation strategy, Hudbay is strategically well-positioned to deliver long-term value for all our stakeholders," says Hudbay CEO and president Peter Kukielski.
With the Cactus project expected to become a major producer of copper cathode, Hudbay will be one of only a few operators capable of producing refined copper domestically and supporting the US critical minerals supply chain.
Hudbay plans to scale its yearly copper production from 125 000 t currently to more than 250 000 t by 2030 through Copper World and other near-term optimisation projects. With the staged development of Cactus, Hudbay's copper production can likely exceed 350 000 t/y.
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