Capstone Copper Sells Cozamin Mine to Luca Mining for $385 Million

Capstone Copper is selling its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining for a total potential value of $385 million. Announced Monday, the transaction includes $275 million in cash and $15 million in Luca shares at closing, with an additional $35 million in deferred consideration and up to $60 million in contingent payments tied to London Metal Exchange copper prices from 2027 to 2029.

Capstone Copper intends to use the proceeds to strengthen its balance sheet and finance growth projects in Chile and Arizona, specifically the Mantoverde Optimized expansion and the Santo Domingo project. The divestiture allows the company to streamline its portfolio as it focuses on transformational copper growth in the United States and Chile.

For Luca Mining, the acquisition adds a third producing mine in Mexico and is projected to more than double its 2027 production profile. The deal is expected to close in the fourth quarter of 2026, pending regulatory approvals from the Mexican National Antitrust Commission and relevant stock exchanges.