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First Quantum Minerals and Rio Tinto Form Partnership to Progress the La Granja Copper Project in Peru
(In United States dollars, except where noted otherwise) TORONTO, March 30, 2023 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" (In United States dollars, except where noted otherwise) TORONTO, March 30, 2023 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) is pleased to announce that it has entered into an agreement with Rio Tinto to progress the next phase of the La Granja copper project (the “Project”) in Peru. The Project is located in the district of Querocoto in the northern region of Cajamarca, Peru, approximately 90 kilometers northeast of Chiclayo, the capital of Lambayeque region, at an altitude of between 2,000 and 2,800 meters. La Granja is one of the largest undeveloped copper resources in the world with a published Inferred mineral resource of 4.32 billion tonnes at 0.51 percent copper and potential for substantial expansion. Rio Tinto has operated the Project since 2006, carrying out an extensive drilling program that has significantly expanded the resource and has managed a world-class community relations program that has ensured strong local support for the Project. First Quantum will acquire a majority stake in the Project and will undertake the feasibility study and possible further development of what has the potential to be a large, long-life operation. “I am very pleased to announce today’s partnership with Rio Tinto, a global leader in the mining industry. Rio Tinto’s work on La Granja has been extensive to date and we share our partner’s view that the Project has the potential to be a Tier 1 copper mine. We look forward to working together to build on this foundation, leveraging First Quantum’s core strengths in mine design, project development and community engagement. This partnership will provide First Quantum access to an attractive copper project, offering additional future optionality in the Company’s project pipeline while we focus on strengthening the balance sheet in the interim,” said Tristan Pascall, Chief Executive Officer of First Quantum. “First Quantum is excited about broadening our existing relationships in Peru and we are appreciative of the support provided by the Government of Peru to this important partnership for its future investment in the country.” “La Granja is an exciting but complex project that has the potential to be a significant new source of the copper that is needed for the energy transition. We are pleased to enter into this agreement with First Quantu...