Capstone Mining and Mantos Copper complete merger

TSX-listed Capstone Mining has completed its merger with Mantos Copper following receipt of all regulatory approvals, creating a new Americas-focused copper producer named Capstone Copper Corp.

The previously agreed business combination stipulates that each Capstone common share be exchanged for one share of Capstone Copper. Following completion, Capstone shareholders have a 60% interest in the new company, while those who held Mantos shares own about 40%.

Mantos executive chairman John MacKenzie will lead the combined company as its chief executive, while Capstone boss Darren Pylot assumes the role of executive chairman. The new company will remain listed on the Toronto Stock Exchange under the ticker CS.

Mantos brings the Mantoverde and Mantos Blancos copper mines located in Chile’s Atacama and Antofagasta regions. Both assets were acquired from Anglo American in 2015.

The open pit Mantoverde mine is capable of producing 60,000 tonnes of copper cathodes a year, while Mantos Blancos mines both sulphide and oxide ores, from which 40-50,000 tonnes of copper in concentrates and cathodes per year are produced.

Meanwhile, Capstone’s original assets include the Pinto Valley copper mine in Arizona, the underground Cozamin copper-silver mine in Zacatecas, Mexico and the Santo Domingo copper-iron-gold project in Chile.