Hudbay Minerals Shares Surge 15% On $600 Mln Mitsubishi Copper World Deal

(RTTNews) - Hudbay Minerals Inc. (HBM) jumped 13.92 percent to $11.22, up $1.37 on Wednesday, after announcing that Mitsubishi Corporation will acquire a 30 percent stake in its Copper World project in Arizona for an initial $600 million.

The stock opened at $11.57 and traded between $11.18 and $12.10, with volume surging to 22.12 million shares, far above the average of 7.73 million on the New York Stock Exchange. Hudbay Minerals' 52-week range is $5.95 to $12.10.

The deal includes $420 million at closing for the equity stake and $180 million in matching contributions within 18 months, pending customary closing conditions.