Capstone Copper to Sell Mexico’s Cozamin Mine for $385M
Mining News | 2026-09-23 06:41:10
With this acquisition, Luca Mining will expand its Mexican production base to three mines.
By Paul Ploumis
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.
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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.
POLL
What is the maximum total consideration in Capstone Copper’s planned Cozamin sale?
Frequently Asked Questions
- How much could Capstone Copper receive from the Cozamin sale?
Capstone Copper could receive total consideration of up to $385 million. The package comprises $275 million in cash and $15 million in Luca Mining shares at closing, plus a $35 million payment after one year and up to $60 million tied to LME copper prices between 2027 and 2029.
- When is the Cozamin transaction expected to close?
The transaction is expected to close in the fourth quarter of 2026, subject to applicable stock exchange and Mexican antitrust approvals.
- Why is Capstone Copper selling the Cozamin mine?
The sale forms part of Capstone’s strategy to reallocate capital toward larger copper development opportunities. The company said the proceeds will strengthen its balance sheet and provide flexibility to advance projects such as Santo Domingo and Mantoverde Optimized.
