TORONTO — Hudbay Minerals Inc. has signed a deal to buy Arizona Sonoran Copper Co. Inc. in an all-stock deal that values the company at about US$1.48 billion.

Under the deal, Hudbay will pay 0.242 of a Hudbay share for each Arizona Sonoran share it does not already own, an offer than implies a value of C$9.35 per share.

Arizona Sonoran closed at C$7.22 on the Toronto Stock Exchange on Friday.

Hudbay, which already owns 20.8 million shares of Arizona Sonoran representing a 9.99 per cent stake, says the deal brings the company’s Cactus project together with its existing Arizona business, including its Copper World project.

Hudbay chief executive Peter Kukielski says Cactus is a high-quality, large‑scale copper development asset in a mining jurisdiction that the company knows well.

The deal, which is subject to approval by Arizona Sonoran shareholder approval and other closing conditions, is expected to be completed in the second quarter.

This report by The Canadian Press was first published March 2, 2026.

Companies in this story: (TSX:HBM,TSX:ASCU)

The Canadian Press