The new Capstone Copper, as the combination will be known, said on March 23 it had completed the merger of Capstone Mining and Mantos Copper to form a mining producer with operations in Chile, Mexico, and the US.
Capstone Copper's Transformation and Leadership
“The combination has the potential to create a Canadian-based copper champion driven by our long-life assets, our seasoned management team, and our strong balance sheet,” John MacKenzie, the new company’s chief executive officer, said in the statement.
It owns the Mantos Blanco and Mantoverde copper mines in Chile, the Pinto Valley copper mine in Arizona, and the Cozamin copper-silver mine in Mexico. It also owns the Santo Domingo copper-gold project 30 kilometers from Mantoverde in northern Chile.
The four mines produced 176,000 mt of copper in 2021 and are projected to produce 118,000 mt/year of copper during the first five years of Santo Domingo mine operations while also producing gold, iron ore, and cobalt, according to a presentation uploaded to the company website.
“I am very excited by the opportunity to lead Capstone Copper and help deliver on a truly transformational growth story,” MacKenzie said in the statement.
The company has been listed under the CS ticker previously used by Capstone Mining.
Ownership Structure
Under the agreement, ex-shareholders of Capstone Mining will own 60.2% of the combined firm, while the remainder will be owned by holders of Mantos Copper.
