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First Quantum sells Equinox stake for C$653 million

Publishing Date
09 Nov 2010 4:28pm GMT
Author
Mining Journal

First Quantum Minerals Ltd has sold its 16% shareholding in Equinox Minerals Ltd for C$653 million (US$653 million).

 

RBC Capital Markets and BMO Capital Markets were hired to conduct the sale.

The company will use the net proceeds towards its growth projects. These include the Ravensthorpe nickel project in Australia, Kevitsa in Finland and the Sentinel deposit in Zambia.

 

First Quantum also recently made a C$460 million cash and share offer for Antares Minerals Inc, owner of the Haquira copper deposit in Peru.

 

Equinox operates the Lumwana mine in Zambia and recently made a A$1.25 billion cash and share bid for Citadel Resource Group Ltd, owner of the Jabal Sayid copper-gold project in western Saudi Arabia.

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