Capstone Mining, Mantos Copper to Merge to form Capstone Copper Corp.
Capstone Mining Corp. and Mantos Copper announced plans to merge to form a new company called Capstone Copper Corp.
The combined company would create a company with a 2021 copper production base of more than 175 kt (193,000 st) copper and combined copper reserves of 4.4 Mt (4.9 million st), the companies said. Production would be expected to grow to about 235 kt/a (260,000 stpy) by 2024.
The Capstone Copper Corp. will trade on the Toronto Stock Exchange with each current Capstone Mining shareholder receiving one share of the new company per share owned of Capstone Mining. Current Capstone owners will own 61 percent of the new company, while Mantos shareholders will own 39 percent.
Mantos executive chairman John MacKenzie will be the combined companies' executive chairman, while Capstone Mining chief executive Darren Pylot will be executive chairman, the companies said.
Closing is planned for the first quarter of 2022, the companies said.
Mantos Copper was founded in 2015 by funds managed by Orion Resource Partners and Audley Mining Advisors Ltd.