First Quantum Minerals to increase its ownership in Minera Panama S.A. to 90%

First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today announced that it has signed an agreement with LS-Nikko Copper to acquire its 10% ownership interest and shareholder loans in Minera Panama S.A. (“MPSA”) which holds the concession for the Cobre Panama project.
As quoted in the press release:

Philip Pascall, Chairman and CEO, said “This acquisition underlines our confidence in this world class project and 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.”

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