The Globe and Mail reports in its Friday edition that Hudbay Minerals is buying Copper Mountain Mining in an all-stock deal pegged at $439-million (U.S.). A Reuters dispatch to The Globe reports that the combined company would create the third largest copper producer in Canada and the deal could unlock $30-million (U.S.) per year in operating efficiencies and corporate synergies. Copper is a hot target as it is seen as indispensable to the transition away from hydrocarbons. Last week Glencore made an unsolicited $22.5-billion (U.S.) bid for copper miner Teck Resources. Copper is used in everything from electrical wiring to rechargeable batteries. It is crucial for the global energy transition toward renewable sources. Under terms of the deal, each Copper Mountain shareholder will receive 0.381 of a Hudbay common share for each Copper Mountain common share held. The deal values Copper Mountain at $2.67 (Canadian) per share which represents an 18-per-cent premium to it last close. On closing, Hudbay and Copper Mountain shareholders will own about 76 per cent and 24 per cent of Hudbay. The miners expect the deal to be completed late in the second quarter or in early third quarter of 2023.