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Hudbay Minerals (NYSE:HBM) and Copper Mountain Mining (OTCPK:CPPMF) said Tuesday that shareholders of both companies have easily approved the resolutions required to complete their planned merger.
Each Copper Mountain (OTCPK:CPPMF) shareholder will receive 0.381 of a Hudbay (HBM) share for each Copper Mountain share or CDI currently held.
Hudbay (HBM) says the acquisition will result in an estimated $30M/year of operating efficiencies and corporate synergies, including ~$20m annually from operating cost reductions through the application of the company’s operating efficiency practices to the Copper Mountain (OTCPK:CPPMF) mine.
The strategic and financial benefits from the deal ultimately position the combined company for a valuation re-rating, Hudbay (HBM) said.
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