Business
First Quantum Minerals Announces Sale of Cobre Las Cruces
(In United States dollars, except where noted otherwise) TORONTO, Dec. 23, 2025 (GLOBE NEWSWIRE...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"First Quantum Minerals Announces Sale of Cobre Las Cruces \n(In United States dollars, except where noted otherwise) TORONTO, Dec. 23, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) today announced that its wholly-owned subsidiary, Cobre Las Cruces S.A.U. (“Las Cruces”), has entered into a binding agreement to sell the Las Cruces mine in Spain for consideration of up to $190 million plus a profitability-linked earn-out provision (the “Transaction”) to Global Panduro, S.L.U. (“Global Panduro”), a company controlled by funds managed by Resource Capital Funds. The Transaction paves the way for Global Panduro to develop the Las Cruces polymetallic primary sulphide project (the “Project”). Transaction Summary Under the terms of the Transaction, Global Panduro will acquire Las Cruces for a consideration comprising $45 million in cash at closing, issue of an approximately $65 million loan note to the seller (subject to certain working capital adjustments), up to $80 million in deferred payments tied to certain Project development milestones, and a further contingent deferred earn-out payment or payments tied to exit and liquidity events of 10% of the proceeds over and above an agreed internal rate of return threshold. The Transaction is subject to certain customary conditions and regulatory approvals and is expected to close during the first half of 2026. About Las Cruces The Las Cruces site is located approximately 20 kilometres northwest of Seville. The mine produced copper cathodes from 2009 to 2021 and completed tailings reprocessing from 2021 to 2023. In February 2024, First Quantum published an updated NI 43‑101 Technical Report setting out plans for a next‑phase redevelopment on the existing mine site via a new underground mine feeding a polymetallic refinery to produce copper, zinc, lead and silver. About Resource Capital Funds Resource Capital Funds (\"RCF\") is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning across all hard mineral commodities and geographic regions. Since inception, RCF has supported over 235 mining companies, with projects located in 55+ countries and across 35+ commodities. Further...