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Updated Apr 30, 2013 - 9:47 am

Canadian company agrees to buy Arizona copper mine

PHOENIX -- A Canadian mining company said it has agreed to buy an Arizona copper mine and its related railroad for $650 million.

Vancouver-based Capstone Mining Corp. is expected to complete the buy of BHP Billiton's Pinto Valley Mine in the second half of this year, as it looks to expand into a midsize copper producer.

Capstone CEO Darren Pylot said in a press released that the mine will give the company its third producing mine.

Unloading the mine means BHP has sold off $5 billion in assets over the past year.

The deal is subject to regulatory approval.

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