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Published: November 9, 2026 |
Capstone Copper has entered into a definitive agreement to sell its Cozamin Copper-Silver-Zinc-Lead Mine, located in Zacatecas, Mexico, to Luca Mining for up to $385 million.
“Cozamin has been an important part of our portfolio, providing stability and strong cash flows as Capstone has matured into a diversified copper producer. Since its first full year of operations in 2007, Cozamin has delivered consistently strong performance, a testament to the capability and quality of the team. We extend our sincere thanks to everyone at Cozamin for their dedication to safety and operational excellence over this period. We believe Cozamin will be well positioned under Luca’s ownership, providing regional expertise, focus, and commitment to invest in the mine’s future for the long-term benefit of the workforce and the surrounding communities,” said Cashel Meagher, Capstone’s president and chief executive officer.
“It is an ideal time to streamline our portfolio through this divestiture as we advance towards transformational copper growth in Chile and the United States,” added Meagher.
“We are also pleased to retain exposure to the exploration upside at Cozamin, through our shareholding in Luca, following completion of the transaction. Given the strong operational track record of the Luca team in Mexico, we believe they will be excellent stewards of the mine and are well placed to unlock its full potential,” concluded Meagher.
Capstone acquired its initial interest in Cozamin in 2003, earning a 90 percent interest in December 2005 and bringing the mine into commercial production in August 2006. The mine has operated continuously since then and has consistently maintained a five- to ten-year reserve life.
In December 2020, Capstone entered into an agreement with Wheaton for $150 million in exchange for a silver stream. Proceeds were used in part to construct a tailings filtration and paste backfill plant, completed in 2022, and to complete a one-way underground haulage loop.
“The acquisition of Cozamin represents a transformational step for Luca. We are acquiring a long-standing, cash-generating underground mine with established infrastructure, a strong operating history and significant remaining mineral potential, while materially increasing our production. We are also very pleased to welcome a number of significant new shareholders to the Luca register, including Capstone, Wheaton, and Taurus, with a notable equity backstop being provided by Trafigura. We greatly appreciate their support and confidence in Luca and this transaction,” said Dan Barnholden, Luca’s CEO and director.
“In particular, we would like to thank Capstone for trusting us to continue their legacy of positive community relations, environmental stewardship, and operational excellence at Cozamin. We look forward to welcoming the employees who make up the Cozamin team to Luca and we are excited to work alongside our new colleagues,” added Barnholden.
“We are particularly excited about the exploration potential at Cozamin. The mine has consistently replaced depletion through nearly two decades of production, yet substantial portions of the mineralized systems remain open and underexplored. Our objective will be to build on that foundation, prepare updated mineral resources and mineral reserves, and extend the mine life well beyond the historical 2030 mine plan,” concluded Barnholden.
The transaction is expected to close in the fourth quarter of 2026, subject to the completion of customary conditions and regulatory approvals, including stock exchange and Mexican National Antitrust Commission approval.
Capstone Copper is an Americas-focused copper mining company headquartered in Vancouver, Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region, Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located approximately 35 kilometers northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas. Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization, and safe and responsible production throughout our portfolio of assets.
Luca Mining is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, silver, zinc, copper, and lead. Both mines have considerable development and resource upside as well as district-scale exploration potential. Luca’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometers. It is an underground operation, producing zinc, copper, gold, silver, and lead. The mine is located in Guerrero State. Luca’s Tahuehueto Mine is a large property of over 100 square kilometers in Durango state. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. Luca has successfully commissioned its mill and is now in commercial production.
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