Hudbay looking for new Rosemont development partner as it buys out UCM

Base metals miner Hudbay will buy out the minority partner in its Rosemont copper project for $75-million, in a move which CEO Alan Hair said on Wednesday would simplify the ownership structure and provide greater flexibility for the introduction of a new committed joint venture (JV) partner for the development of the US copper project.

The company will purchase United Copper and Moly’s (UCM’s) 7.95% interest in the Rosemont project and would terminate all UCM’s remaining earn-in and offtake rights for an upfront cash consideration of $45-million and three yearly instalments of $10-million a year.