First Quantum acquires Korean smelter’s stake in Minera Panama

First Quantum's Cobre Panama project, in Panama

First Quantum's Cobre Panama project, in Panama

1st September 2017

By: Samantha Herbst

Creamer Media Deputy Editor


Font size: - +

JOHANNESBURG ( – TSX-listed base metals miner First Quantum Minerals has signed an agreement with LS-Nikko Copper to acquire the Korea-based smelter’s 10% ownership interest and shareholder loans in Minera Panama, First Quantum’s Panamanian subsidiary, for a headline value of $635-million, payable in six installments over a five-year period.

Minera Panama holds the concession for the Cobre Panama openpit copper development project, in Panama.

First Quantum chairperson and CEO Philip Pascall said in a note on Thursday that the acquisition underlines the company’s confidence in Cobre Panama as a “world-class project”, as well as its confidence in 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."

First Quantum intends to finance the first instalment from proceeds of an additional precious metals stream specifically linked to the acquired 10% interest, while maintaining optionality as to how future installments are met.

The base metals miner will acquire LS-Nikko Copper's 50% interest in Korea Panama Mining Corporation, a 50/50 joint venture company with Korea Resources Corporation, which holds a 20% interest in Korea Panama Mining Corporation.

Closing of the deal is conditional on the approval of Korea Resources Corporation’s board of directors, which is expected by the end of September.

Edited by Creamer Media Reporter



KEY360 Management Platform
KEY360 Management Platform

KEY360 Platform Technology is reputedly the world’s leading Project Management and Business Optimization Solution. Award Winning KEY360 is your...

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones, wear-resistant linings,...


Latest Multimedia

sponsored by

Photo of Martin Creamer
ARM, GoldOre, Gautrain make headlines
22nd September 2023
Magazine cover image
Magazine round up | 22 September 2023
22nd September 2023
Resources Watch image
Resources Watch
21st September 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.065 0.101s - 90pq - 2rq
Subscribe Now