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Monday, January 10, 2011

HudBay to buy Norsemont Mining for C$398 mln, (TSE: HBM), (TSE: NOM)

Canada's HudBay Minerals Inc (HBM.TO) agreed to buy Norsemont Mining Inc (NOM.TO) to gain access to a major copper deposit in Peru, in a cash-and-stock deal valued at about C$397.5 million (about $400 million). The offer values Norsemont at C$4.39 per share, a 3 percent premium to the stock's Friday close. Norsemont holders will get 0.2617 of HudBay shares and 0.1 Canadian cents for each share held, or C$4.50 in cash, with the maximum cash consideration at C$130 million.