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Hudbay Minerals Closes Acquisition of Arizona Sonoran

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Hudbay Minerals (HBM.TO) has closed its previously announced acquisition of Arizona Sonoran Copper, Hudbay said Wednesday.

Under the terms, former Arizona Sonoran shareholders other than Hudbay received 0.242 of a Hudbay common share for each Arizona Sonoran common share.

The transaction allows Hudbay to strengthen its U.S. footprint by advancing the Cactus project alongside the Copper World development, both located in Arizona.

Hudbay expects to benefit from operational synergies between the two projects, which would form the third-largest copper district in North America while potentially becoming the second-largest district of copper cathode production in the U.S.

Upon deal close, Arizona Sonoran shares will be delisted from the Toronto Stock Exchange. Hudbay will also apply to cease Arizona Sonoran's status as a reporting issuer under Canadian securities laws.

Price: $33.50, Change: $-2.54, Percent Change: -7.05%

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