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First Quantum boosts Minera Panama stake in $635 million deal

Friday, September 1, 2017

Canada-based First Quantum Minerals said on Thursday it would boost its stake in unit Minera Panama to 90 per cent in a deal valued at $635 million to increase its copper mining operations.

The company, which currently owns 80 per cent of the unit, said it signed an agreement to buy a 10 per cent stake from South Korean miner LS-Nikko Copper.

Copper prices have been recovering after a slump in 2016, helped in part by demand from top metals consumer China, but remain well below their 2011 peak.

Source: BNN