Business
First Quantum Minerals to increase its ownership in Minera Panama S.A. to 90%
First Quantum Minerals to increase its ownership in Minera Panama S.A. to 90% Cana...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nFirst Quantum Minerals to increase its ownership in Minera Panama S.A. to 90%\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 31, 2017\n\n\n\n(In United States dollars, except where noted otherwise)\n\n\n\nTORONTO, Aug. 31, 2017 /CNW/ - First Quantum Minerals Ltd. (\"First Quantum\" or the \"Company\", TSX Symbol \"FM\") today announced that it has signed an agreement with LS-Nikko Copper to acquire its 10% ownership interest and shareholder loans in Minera Panama S.A. (\"MPSA\") which holds the concession for the Cobre Panama project. \n\n\n \n \n\n \nAGREEMENT DETAILS:\n\n\nThe acquisition's headline value is $635 million payable in six installments over a five-year period.\nThe Company intends to finance the entire first instalment from proceeds of an additional precious metals stream specifically linked to the acquired 10% interest, whilst maintaining optionality as to how future installments are met.\nThe Company will acquire LS-Nikko Copper's 50% interest in Korea Panama Mining Corporation (\"KPMC\"), a 50/50 joint venture company with Korea Resources Corporation (\"KORES\"), which holds a 20% interest in MPSA.\nClosing is conditional on the approval of the Board of Directors of KORES which is expected by the end of September 2017.\n \n\nCEO'S COMMENTS\n\nPhilip Pascall, Chairman and CEO, said \"This acquisition underlines our confidence in this world class project and the strong fundamentals for copper. The Cobre Panama project is now over 60% complete and progressing well towards its commissioning next year, and on track to be one of the major, low-cost copper producers when in operation. We are very pleased that this compelling opportunity became available and that we have been able to reach agreement with LS-Nikko Copper on terms that match the development and commissioning timetable for Cobre Panama.\"\n\nOn Behalf of the Board of Directors of First Quantum Minerals Ltd.       G. Clive NewallPresident\n\nFor further information visit our website at...