India, March 27 -- Hudbay Minerals Inc.(HBM) Thursday said it has agreed to buy Mitsubishi Materials' (MMC) 25 percent interest in Copper Mountain Mine (BC) Ltd. (CMBC), the 100 percent owner of the Copper Mountain mine.
The purchase consideration consists of an upfront payment of $4.5 million, $21 million in seven annual payments of $3 million each commencing on 12 months after the closing of the transaction, and up to $18.75 million in five additional contingent payments of $3.75 million each.
Additionally, Hudbay will be responsible for CMBCs outstanding debts, including an intercompany loan owing to Hudbay, of which 25 percent represents about $104 million.
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