Hudbay Minerals Inc. and Copper Mountain Mining Corporation have announced a definitive agreement on April 13, 2023, where Hudbay will acquire all outstanding common shares of Copper Mountain. This strategic acquisition aims to create a leading Americas-focused copper mining company, operating in Canada, Peru, and the United States. The combined entity will become the third-largest copper producer in Canada based on 2023 estimated copper production. The transaction is valued at approximately C$2.67 per Copper Mountain common share, totaling a US$439 million equity value. Shareholders of both companies will benefit from increased scale, diversification across mining jurisdictions, expected 2023 copper production of over 150,000 tonnes, and estimated annual operating efficiencies of US$30 million. The deal is expected to be completed in late Q2 or early Q3 2023. Hudbay's President and CEO, Peter Kukielski, anticipates unlocking US$30 million per year in efficiencies and synergies while maintaining a commitment to safety and ESG standards. Copper Mountain's CEO, Gil Clausen, believes the merger will leverage the strengths of both companies and unlock further value. Both boards of directors unanimously support the transaction, with Hudbay and Copper Mountain receiving fairness opinions from TD Securities Inc. and CIBC World Markets Inc., respectively. Citi advises Hudbay, and Goodmans LLP and Baker McKenzie LLP serve as legal counsel. Copper Mountain receives financial advice from CIBC Capital Markets, with Davies Ward Phillips & Vineberg LLP representing them legally. After the transaction, Hudbay shareholders will own approximately 76% of the company, while Copper Mountain shareholders will hold the remaining 24%.