trending Market Intelligence /marketintelligence/en/news-insights/trending/9tuKfoy8xYTesPbZ_178Rw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Hudbay acquiring United Copper's minority Rosemont interest for US$75M

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Hudbay acquiring United Copper's minority Rosemont interest for US$75M

Hudbay Minerals Inc. reached an agreement with United Copper & Moly LLC to purchase the latter's 7.95% interest in the Rosemont copper project in Arizona and to terminate all of its remaining earn-in and off-take rights.

Hudbay will pay US$75 million, comprising US$45 million in cash upfront and three annual US$10 million installments starting July 1, 2022. Closing is expected by April 25.

The company also said March 13 that it will release United Copper & Moly from all obligations related to the project, including project loans representing its share of joint venture expenditures incurred beyond its initial earn-in investment.

Hudbay President and CEO Alan Hair said the transaction simplifies the project's ownership structure and improves the company's financial flexibility related to the development.

Hair added that the company will soon start looking for a development joint venture partner for Rosemont.

Hudbay expects to carry out the process in conjunction with initial project development. The company is ultimately aiming for about a 70% interest in the project while remaining the operator.

A 2017 feasibility study on Rosemont estimated a net present value of US$496 million, at a 10% discount rate, with a 15.5% internal rate of return and a 5.2-year payback period.