TORONTO (miningweekly.com) – Base metals producer First Quantum Minerals on Wednesday announced that it planned to raise up to C$1.44-billion through a common share equity offering.
The TSX- and LSE-listed company said it intended to use the net proceeds of the offering to advance and expand existing production facilities, pay back debt and for general corporate purposes, including strategic investments to further improve its returns and growth pipeline.
RBC Capital Markets and Goldman Sachs Canada would lead a syndicate of underwriters.
First Quantum had swung to a net loss of $82-million, or $0.14 a diluted share, for the first three months of the year, as lower copper and nickel sales and prices impacted the bottom line.