First Quantum Minerals announces the sale of its Kevitsa Mine for US$712 million to Boliden

by Keith Powell — March 14, 2016

First Quantum Minerals Ltd., based in Vancouver, B.C., has entered into a Sale and Purchase Agreement with Boliden AB to sell its Kevitsa Mine in Finland. — Photo courtesy First Quantum Minerals

Vancouver-based First Quantum Minerals Ltd. has announced that it has entered into a Sale and Purchase Agreement with Boliden AB ("Boliden") to sell its Kevitsa nickel-copper-platinum group elements mine ("Kevitsa") in Finland (the "Sale").

Under the terms of the Sale, Boliden will acquire Kevitsa for a cash consideration of US$712 million subject to customary adjustments. The Sale is subject to requisite competition approvals and other typical closing conditions and is expected to close during May 2016.

Philip Pascall, Chairman and CEO noted: "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."

First Quantum Minerals Ltd. is an established and rapidly growing mining and metals company producing copper, nickel, gold, zinc and platinum group elements. The Company’s assets are located in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Peru and Argentina.

In 2014, First Quantum produced 427,655 tonnes of copper, 45,879 tonnes of nickel, 229,813 ounces of gold, 55,980 tonnes of zinc and 60,080 ounces of platinum group elements.