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Orion Resource Partners LP, a global investment firm specializing in metals, sold an 8.3% stake in Capstone Copper Corp. for $529.6 million (AUD $592.8 million), reducing its ownership to 12%. This sale, part of Capstone's recent ASX listing, attracted major investors, aiding Capstone’s potential inclusion in the ASX300 and ASX200 indices. The stake reduction from 32% in 2022 to 12% diversified Capstone's shareholder base, bringing in global institutional investors. The partnership between Orion and Capstone, initiated in 2015 through Mantos Copper, has led to Capstone's emergence as a significant global copper producer with strong sustainability practices, including earning the Copper Mark for its Chilean operations. The transaction, marking one of the largest offerings by a Canadian company in the Australian market, highlights Orion's strategic investment and support in Capstone’s growth and operational enhancements, culminating in a merger in 2022 that valued Capstone at around $3.6 billion (AUD 4 billion). Orion's Managing Partner, Istvan Zollei, and Capstone’s CEO, John MacKenzie, both affirmed the transaction's role in showcasing Capstone's industry leadership and sustainable growth.
Parties
Company
Orion Fund JV Limited
Company
Orion Mine Finance Fund II LP
Company
Orion Mine Finance (Master) Fund I-A LP
Company
Capstone Copper Corp.
Deal Type
Public/Private OfferingIndustry
MiningTransaction
$ 529,646,052Deal Status
ClosedClosing Date
09 April 2024