| First Quantum Minerals and Franco-Nevada Corporation Announce Finalization of Terms of Precious Metals Stream Agreement | |
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TORONTO, ONTARIO--(Marketwired - Oct. 5, 2015) -
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX:FM) (LSE:FQM) together with Franco-Nevada Corporation ('Franco-Nevada', TSX and NYSE Symbol 'FNV') today announced the finalization of the terms of a replacement precious metals stream agreement for the Company's Cobre Panama project (the 'Project').
Under the terms of the revised agreement, Franco-Nevada's subsidiary, Franco-Nevada (Barbados) Corporation ('FN Barbados') will provide a $1 billion deposit against future deliveries of gold and silver from the Project. This deposit will be funded on a pro-rata basis of 1:3 with the Company's 80% share of the capital costs in excess of $1 billion. Execution of the revised documentation is expected shortly and initial funding is expected to be completed during October. Based on this timing, initial funding by FN Barbados is expected to be $330 million to $340 million.
The changes from the original agreement have largely addressed standardizing reporting arrangements and providing a mechanism for the Company to utilize the Project as collateral whilst still maintaining the FN Barbados security.
Commissioning of the Project is aimed to start before the end of 2017 and remains on track to achieve this.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
Listed in Standard and Poor's
12g3-2b-82-4461
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : FM.TO |
ISIN : CA3359341052 |
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First Quantum is a copper producing company based in Canada. First Quantum produces copper, cobalt and gold in Congo Dem. Rep. of, in Mauritania and in Zambia, develops cobalt, copper and nickel in Congo Dem. Rep. of and in Zambia, and holds various exploration projects in Peru. Its main assets in production are BWANA MKUBWA, KANSANSHI and MOPANI in Zambia, FRONTIER and KOLWEZI in Congo Dem. Rep. of and GUELB MOGHREIN in Mauritania, its main assets in development are KALUMBILA in Zambia and KOLWESI MUSONOI in Congo Dem. Rep. of and its main exploration properties are KEVITSA and KEVISTA in Finland, KIPUSHI in Congo Dem. Rep. of and HAQUIRA EAST and CRISTO DE LOS ANDES in Peru. First Quantum is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is 868.7 millions as of today (US$ 631.2 millions, € 577.1 millions). Its stock quote reached its lowest recent point on November 02, 2001 at 0.38, and its highest recent level on October 11, 2024 at 18.31. First Quantum has 47 442 200 shares outstanding. |