The Lad’s Daughter
Posted On August 3, 2021
Posted March 26, 2019 06:01:00 Bethany Copper Mines and its owners, Goldcorp, are seeking to buy the Bethany copper mine for $2.2 billion.
Bethany’s copper is mined in Arizona and the state has some of the highest copper prices in the nation.
The Bethany mine is owned by Goldcorps parent company, Enbridge Inc., and is the fourth largest in the United States.
The sale will bring the total value of the Bethannons copper assets to $2,219.6 million.
“The purchase price is substantially below the $2 billion price for the entire mine and the $1.2 trillion price for all of the other Copper River Copper properties, as well as the $900 million price for each of the four adjacent Copper River properties,” the bid summary said.
The bid summary also noted that the Bethanys copper is sold at market prices to U.S. Steel, which is in a merger with PennEast, which has the largest copper mines in the country.
Enbridge and Goldcorporations would be buying the entire copper property for $1,000 per tonne, a deal that is expected to close by the end of March 2019.
EnBridge’s bid to buy Bethany is one of a number of similar deals announced in recent months.
EnPassive Corp. has entered into a $2-billion deal with Westinghouse Electric Co. to build a new nuclear reactor in Texas, and a $1-billion buyout of General Electric Co.’s power company has been completed.
All three of those deals are expected to be completed by the start of 2019.
The Glenwood Copper mine, a proposed project by the state of Arizona, is also in the final stages of a proposed acquisition by Enbridge.
The mine was slated to begin production in 2019.
Goldcorpos bid is for $900 per ton, a bid that will likely close before the end.
In August, EnPassives bid was $900,000, the price it had to pay to buy a 10 percent interest in the mine.
GoldCorps is also interested in purchasing the Copper River Co. in Pennsylvania.
The $2 million bid was announced in September.
Enpassives bid is $900/ton, or $1 million for a 10-year contract, for a six-year term.