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Capstone Mining and Mantos Copper merge

Kitco News

Capstone Mining (TSX:CS) and Mantos Copper announced yesterday the two are merging.

Former Capstone and Mantos shareholders will collectively own 60.75% and 39.25% of Capstone Copper, respectively, on a fully-diluted share basis.

John MacKenzie, Executive Chairman and Founder of Mantos, will become the Chief Executive Officer of Capstone Copper. The merged company will keep the Capstone name.

The merged company is targeting over 45% production growth by 2024 to ~260,000 tonnes of copper per annum from fully-financed projects with Mantos Blancos currently ramping up and construction underway at Mantoverde.

The new CEO, MacKenzie, outlined expansion plans.

“I am delighted by the opportunity to lead Capstone Copper at this exciting time and to help deliver on a truly transformational growth story," said MacKenzie. "I am incredibly passionate about helping to build a Canadian-based copper champion from a solid foundation of long-life assets with a strong presence in South America, having spent over ten years of my professional mining career in Chile. Over the past decade, I’ve closely monitored the progress at Santo Domingo and I see meaningful district scale synergies with Mantoverde as well as further expansion opportunities throughout the combined portfolio."

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