REG - First Quantum Min Ld - SALE OF KEVITSA MINE TO BOLIDEN <Origin Href="QuoteRef">FM.TO</Origin>

First Quantum MineralsAnnouncement

10/03/2016 07:00

RNS Number : 6498R
First Quantum Minerals Ld
10 March 2016

NEWS RELEASE
16-07
March 10, 2016
www.first-quantum.com
FIRST QUANTUM MINERALS ANNOUNCES THE SALE OF ITS KEVITSA MINE
FOR US$712 MILLION TO BOLIDEN 
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today announced that it has entered into a Sale and Purchase Agreement with Boliden AB ("Boliden") to sell its Kevitsa nickel-copper-platinum group elements mine ("Kevitsa") in Finland (the "Sale"). 
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. 
Philip Pascall, Chairman and CEO noted: "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."
On Behalf of the Board of Directors 12g3-2b-82-4461
of First Quantum Minerals Ltd. Listed in Standard and Poor's 
G. Clive Newall
President
For further information visit our website at www.first-quantum.com
North American contact: Sharon Loung, Director, Investor Relations
Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: sharon.loung@fqml.com

United Kingdom contact: Clive Newall, President
Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@fqml.com

This information is provided by RNS
The company news service from the London Stock Exchange
  END
MSCURONRNNAOARR