Boliden Acquires First Quantum’s Kevitsa Mine for $712 Million, Finland
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First Quantum Minerals Ltd. has entered into a sale and purchase agreement with Boliden AB to sell its Kevitsa nickel-copper-platinum group elements mine in Finland.
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.
“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,” said Philip Pascall, chairman and CEO.
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