Capstone Copper to Sell Mexican Cozamin Mine in $385M Deal

Mining News  |  2026-09-23 03:17:42   |   By

With this acquisition, Luca Mining will expand its Mexican production base to three mines.

SEATTLE (Scrap Monster): Capstone Copper has agreed to sell its Cozamin copper-silver-zinc-lead mine in Mexico to Luca Mining for total consideration of up to $385 million. This is part of the company’s planned capital reallocation toward larger copper development opportunities in Chile and the U.S. The transaction is subject to stock exchange and Mexican antitrust approvals.

Under the terms of the transaction, Capstone will receive $275 million in cash and $15 million in Luca shares upon closing. An additional $35 million will be payable one year after completion. A payment of up to $60 million will be linked to average annual London Metal Exchange (LME) copper prices between 2027 and 2029, which will be calculated at the end of each year, based on the average annual LME copper price. Closing of the transaction is expected by Q4 2026.

According to Capstone, proceeds from the transaction will strengthen its balance sheet and provide greater flexibility to advance its growth pipeline, including the Santo Domingo copper-iron-gold project in Chile and the Mantoverde Optimized expansion.

The company plans additional exploration work following completion, aimed at mine-life extension and boosted long-term cash flow. Located in Zacatecas, Cozamin currently has a mine life extending to 2030.

With this acquisition, Luca Mining will expand its Mexican production base to three mines.