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Copper Mountain Mining Corporation has received Foreign Investment Review Board approval for the sale of its Eva Copper Project in Queensland, Australia to Harmony Gold Mining Company Limited (NYSE: HMY). This approval, granted on December 13, 2022, is the final condition for the transaction valued at up to US$230 million. The completion of this transaction is expected to occur shortly, pending cash receipt from Harmony. Copper Mountain's primary asset is the Copper Mountain Mine in British Columbia, producing approximately 100 million pounds of copper equivalent annually.
Copper Mountain Mining Corporation has secured bondholder approval for the sale of its wholly-owned Eva Copper Project and 2,100 km² land package in Queensland, Australia to Harmony Gold Mining (NYSE: HMY). The deal is valued at up to US$230 million. Following this, Copper Mountain plans a bond buyback offer amounting to a minimum of US$87 million at 103% of the nominal value, funded by expected proceeds from the transaction. Closing is anticipated by the first quarter of 2023, subject to regulatory approvals.
Copper Mountain Mining Corporation has entered a definitive agreement to sell its wholly-owned Eva Copper Project and a 2,100 km² exploration land package in Queensland, Australia, to Harmony Gold Mining Company Limited. The transaction is valued at up to US$230 million, with US$170 million in cash payable at closing and potential additional contingent payments of up to US$60 million. The deal aims to strengthen Copper Mountain's balance sheet and is expected to close in Q1 2023, pending requisite approvals.
Harmony Gold Mining Company Limited (JSE: HAR) will participate in the dbVIC - Deutsche Bank ADR Virtual Investor Conference on November 19, 2020, at 9:30 AM ET. Financial Director Boipelo Lekubo will present, providing a platform for real-time investor engagement and questions. Harmony, the largest gold producer in South Africa following its acquisition of Anglogold Ashanti's assets on October 1, 2020, emphasizes sustainability and community support. Participation is free, with an archived webcast available post-event.
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