TORONTO, June 15,
2023 /CNW/ - Hudbay Minerals Inc. ("Hudbay") (TSX:
HBM) (NYSE: HBM) and Copper Mountain Mining Corporation ("Copper
Mountain") (TSX: CMMC) (ASX: C6C) are pleased to announce that the
Supreme Court of British Columbia
has issued a final order approving the previously announced plan of
arrangement under the Business Corporations Act
(British Columbia) pursuant to
which Hudbay will acquire all of the issued and outstanding common
shares of Copper Mountain (the "Transaction").
The Transaction remains subject to the satisfaction of certain
other customary closing conditions for transactions of this nature.
The Toronto Stock Exchange has conditionally approved the listing
of the Hudbay common shares to be issued in connection with the
Transaction, and the requisite regulatory approval for the
Transaction under the Competition Act (Canada) has been obtained. Additionally, the
shareholders of both Hudbay and Copper Mountain have approved the
applicable resolutions to give effect to the Transaction. It is
currently anticipated that the effective date of the Transaction
will occur on or about June 20,
2023.
Forward-Looking Information
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements relate to future events or future
performance and reflect Hudbay's and Copper Mountain's expectations
or beliefs regarding future events. Forward-looking statements
include, but are not limited to statements with respect to the
consummation and timing of the Transaction; and non-withdrawal of
regulatory approvals. By their very nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, amongst others,
risks related to failure to receive other consents and approvals to
effect the Transaction, the potential of a third party making a
superior proposal to the Transaction, and the possibility that the
definitive arrangement agreement could be terminated under certain
circumstances.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect. Such factors, among other things, include: business
integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of copper or certain other commodities;
change in national and local governments, legislation, taxation,
controls, regulations and political or economic developments; risks
and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations pressures, cave-ins and
flooding); discrepancies between actual and estimated metallurgical
recoveries; inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties.
Hudbay and Copper Mountain undertake no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on the information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
About Hudbay Minerals Inc.
Hudbay (TSX, NYSE: HBM) is a diversified mining company with
long-life assets in North and South
America. The company's Constancia operations in Cusco
(Peru) produce copper with gold,
silver and molybdenum by-products. Its Snow Lake operations in Manitoba (Canada) produce gold with copper,
zinc and silver by-products. Hudbay has an organic pipeline that
includes the Copper World project in Arizona and the Mason project in Nevada (United
States), and its growth strategy is focused on the
exploration, development, operation, and optimization of properties
it already controls, as well as other mineral assets it may acquire
that fit its strategic criteria. The value Hudbay creates and the
impact it has is embodied in its purpose statement: "We care about
our people, our communities and our planet. Hudbay provides the
metals the world needs. We work sustainably, transform lives and
create better futures for communities." Hudbay's mission is to
create sustainable value and strong returns by leveraging its core
strengths in community relations, focused exploration, mine
development and efficient operations. Further information
about Hudbay can be found on www.hudbay.com.
About Copper Mountain Mining Corporation
Copper Mountain owns 75% of the Copper Mountain Mine, which is
located in southern British
Columbia near the town of Princeton. The Copper Mountain Mine produces
approximately 100 million pounds of copper equivalent on average
per year. Copper Mountain trades on the Toronto Stock Exchange
under the symbol "CMMC" and Australian Securities Exchange under
the symbol "C6C". Additional information is available on Copper
Mountain's web page at www.CuMtn.com.
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SOURCE Copper Mountain Mining Corporation