FINLAND – Cash strapped First Quantum Minerals of Toronto has sold its Kevista copper-nickel-PGE mine in Lapland to Boliden AB for US$712 million in cash, subject to customary adjustments.
The Kevista open pit and mill is capable of producing to 17,000 tonnes of copper and 9,000 tonnes of nickel annually.
Philip Pascall, First Quantum chairman and CEO said, “This transaction is one of the initiatives within our plan, announced in October 2015, aimed at strengthening the company’s balance sheet and improving its capital structure to better suit the development and start-up timetable of the Cobre Panama project. We are continuing to advance other strategic initiatives, which are expected to be finalized at various times over the next several months, to meet those objectives.”
The capital cost of the Cobre Panama project is US$5.95 billion. More information is available at www.First-Quantum.com.