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Monday, January 10, 2011

HudBay to buy Norsemont Mining for C$363 mln, (TSE: HBM), (TSE: NOM)

Canada's HudBay Minerals Inc (HBM.TO) said it agreed to buy Norsemont Mining Inc (NOM.TO) for about C$362.8 million ($366 million) in cash and stock to gain access to a major copper deposit in Peru. HudBay's offer values Norsemont at C$4.39 per share, a 3 percent premium to the stock's Friday closing price of C$4.27 on the Toronto Stock Exchange. Norsemont holders will get 0.2617 of HudBay shares and 0.1 Canadian cents for each share held, with a maximum cash consideration of C$130 million.