Hudbay completes acquisition of Rockcliff, owner of copper-gold deposits in Manitoba
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(Kitco News) - Hudbay Minerals (TSX, NYSE: HBM) announced today that it has completed its acquisition of Rockcliff Metals, owner of copper-gold deposits in Manitoba.
According to the company, as a result of closing the transaction, Rockcliff is now a wholly-owned subsidiary of Hudbay.
Hudbay said that former Rockcliff shareholders have been issued 0.006776 of a Hudbay common share for each Rockcliff share previously held.
In a press release dated June 19, 2023, the company estimated that the enterprise value to Hudbay, net of Rockcliff’s cash, was approximately US$13 million.
Prior to the transaction, Rockcliff was the 49% joint venture partner on Hudbay’s Talbot project.
Rockcliff also owns a 100% interest in six additional deposits in the Snow Lake region and is one of the largest landholders in the Snow Lake area, with approximately 1,800 km2 across all its properties.
President and CEO Peter Kukielski commented, “We are very excited about the completion of this logical transaction and the potential for Rockcliff’s deposits to extend the mine life and add further optionality to our operations in the Snow Lake region.”
Hudbay is a copper-focused mining company with three long-life operations and a pipeline of copper growth projects in Canada, Peru and the United States.