By James Paton and David Stringer | Bloomberg News
Capstone Mining Corp. has agreed to buy BHP Billiton’s Pinto Valley Mine in Gila County and the related San Manuel Arizona Railroad for $650 million in cash.
Capstone, the owner of copper mines in Mexico and Canada, is expected to complete the purchases in the second half of 2013, the Vancouver-based company said Monday, marking its biggest acquisition.
Capstone is pushing ahead with its ambition of becoming a midsize copper producer by exploiting a so-called buyers’ market for assets held by the world’s largest metals and mining companies.
BHP, the world’s biggest mining company, and Rio Tinto Group are among sellers seeking to shore up earnings and cut costs after more than $60 billion of write-downs in the industry.
Also: Navajo Nation forms company to run NM coal mine
