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First Quantum boosts Minera Panama ownership stake to 90%

Published 08/31/2017, 01:18 PM
© Reuters.  First Quantum boosts Minera Panama ownership stake to 90%
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  • First Quantum Minerals (OTCPK:FQVLF +0.5%) says it is increasing its stake in its Minera Panama unit to 90% from 80% in a deal valued at $635M.
  • First Quantum is buying LS-Nikko Copper's 50% interest in Korea Panama Mining, a joint venture company with Korea Resources, which holds a 20% interest in Minera Panama.
  • Minera Panama holds the concession for the Cobre Panama copper project, and First Quantum CEO Philip Pascall says the acquisition underlines the company's confidence in copper's strong fundamentals.
  • Now read: Cobalt Miners News For The Month Of July 2017


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