Capstone Mining Corp. (TSX:CS), one of British Columbia's fastest-growing companies in 2013, has completed its acquisition of the Pinto Valley copper mine from BHP Copper Inc., Capstone announced October 11.
The $650 million deal was announced in April 2013 and was the second-largest mining deal in the first half of 2013, according to a mid-year global mining report released September 5 by PricewaterhouseCoopers LLP.
"The closing of the Pinto Valley acquisition advances us as one of the leading intermediate copper producers, with a focus in the Americas," said Capstone president and CEO Darren Pylot.
The purchase was funded from cash and Capstone's credit facilities.
"Following the closing of the transaction, we have retained considerable financial flexibility with a very conservative capital structure," said Pylot.
The mine, located in the Globe-Miami mining district approximately 125 kilometres east of Phoenix, Arizona, was restarted in December 2012 at a capital cost of $194 million.
