(CS-T) Bloomberg highlighted Friday that Capstone Mining, which owns copper mines in Mexico and northern Canada, is considering about $500 million in acquisitions
as the world’s biggest producers sell assets amid a commodities rout. Capstone’s CEO Darren Pylot said the company is mainly scouting for producing copper mines
in the Americas to add about 100 million pounds of copper.
One Bay Street analyst told Bloomberg that there has been speculation that Capstone is interested in acquiring BHP’s (BHP) Pinto Valley copper mine in Arizona. The
analyst added, “Pinto Valley is a fringe asset for BHP…It’s an asset that could provide the 100 million pounds Capstone is looking for.” Because it’s a buyer’s market,
Capstone is able to “get a good look” before deciding whether an asset is a good fit, Pylot stated. Adding, “We’d love to be at that 400-million-pound mark within the
next five years, when Santo Domingo is built, which means we’d like to add another 100 million pounds of copper production between now and 2018,” Pylot said.
Capstone is a mid-tier copper producer with a 100% interest in the high-grade Minto copper-gold open pit in Yukon, Canada, and the highgrade Cozamin copper-silver
underground mine in Zacatecas, Mexico. The company is currently advancing the 70%-owned Santo Domingo copper-iron project in Chile.
The company is scheduled to release its Q1 financial results on May 8. |
