Brief: Hudbay Minerals Reached An Agreement To Purchase UCM's 7.95 Pct Interest In Rosemont Project

LX International

13/03/2019 11:42

March 13 (Reuters) - Hudbay Minerals Inc  HBM.TO :
    * HUDBAY REACHES AGREEMENT TO PURCHASE ROSEMONT'S MINORITY
JOINT
VENTURE INTEREST
    * HUDBAY MINERALS INC - REACHED AN AGREEMENT WITH UNITED
COPPER &
MOLY LLC ("UCM") TO PURCHASE UCM'S 7.95% INTEREST IN ROSEMONT
PROJECT
    * HUDBAY MINERALS INC - TO TERMINATE ALL OF UCM'S REMAINING
EARN-IN AND OFF-TAKE RIGHTS
    * HUDBAY MINERALS INC - DEAL FOR UPFRONT CASH CONSIDERATION
OF
US$45 MILLION, PLUS THREE ANNUAL INSTALLMENTS OF US$10 MILLION
PER YEAR
    * HUDBAY MINERALS - INTENDS TO EVALUATE A VARIETY OF
OPTIONS,
INCLUDING ADDITION OF A NEW, COMMITTED JOINT VENTURE PARTNER FOR
DEVELOPMENT OF ROSEMONT
    * HUDBAY MINERALS - AGREED TO RELEASE UCM FROM ANY
OBLIGATIONS IN
RELATION TO ROSEMONT PROJECT
    * HUDBAY MINERALS INC - UCM TRANSACTION IS EXPECTED TO CLOSE
NOT
LATER THAN APRIL 25, 2019

Source text for Eikon:  ID:nGNX4Bym4n 
Further company coverage:  HBM.TO 

 (Reuters.Briefs@thomsonreuters.com)