By Digifin Pty Ltd · About this coverage
Key Points
- Definitive deal to sell Cozamin to Luca for up to US$385m total
- US$275m upfront cash, US$15m Luca shares, US$35m deferred at year one
- Up to US$60m contingent cash linked to 2027-2029 LME copper prices
- Close targeted Q4 2026; no shareholder or financing conditions
- Approvals include stock exchange and Mexican antitrust clearance
About Capstone Copper (ASX:CSC)
Capstone Copper Corp. is an ASX- and TSX-listed copper mining company headquartered in Vancouver, Canada. It operates copper mines in the United States, Mexico and Chile and holds development projects in the Americas, including Santo Domingo in Chile.
Capstone Copper Corp. (ASX:CSC) has entered a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining Corp. for total consideration of up to US$385 million, freeing capital for its growth pipeline.
Under the terms Capstone will receive US$275 million in upfront cash subject to customary closing adjustments, US$15 million in Luca shares at closing, US$35 million in deferred consideration on the first anniversary of closing payable in cash and/or Luca shares at Luca's option, and up to US$60 million in contingent cash tied to annual average LME copper cash settlement prices for calendar years 2027, 2028 and 2029. The upfront cash is based on an October 31, 2026 lock-box date on a cash-free and debt-free basis assuming normalised working capital. Capstone says net proceeds will strengthen the balance sheet and provide flexibility to support its growth pipeline. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals including stock exchange and Mexican National Antitrust Commission approval. It is not subject to shareholder approval or any financing conditions.
The release does not state expected net proceeds after adjustments, or how proceeds will be allocated across named growth projects.
Source: Capstone Copper Corp. (ASX:CSC), 22 September 2026. Summary content supplied by Digifin Pty Ltd.
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