10th Mar 2016 08:46
LONDON (Alliance News) - Miner First Quantum Minerals Ltd on Thursday said it has struck a USD712.0 million deal to sell the Kevitsa nickel-copper-platinum group elements mine in Finland.
First Quantum will sell the mine to Boliden AB, a Swedish mining company, in cash. The deal is expected to complete in May, subject to securing competition approval.
"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," said First Quantum Chairman and Chief Executive Philip Pascall.
"We are continuing to advance other strategic initiatives, which are expected to be finalised at various times over the next several months, to meet those objectives," he added.
First Quantum shares were up 12% on the news to 359.8 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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