First Quantum Minerals Ltd. has agreed to sell the Las Cruces mine in Spain to Global Panduro for up to $190 million, including an earn-out provision tied to project development milestones.

Target Information

First Quantum Minerals Ltd. has announced that its wholly-owned subsidiary, Cobre Las Cruces S.A.U., has entered into a binding agreement to sell the Las Cruces mine, located in Spain. The deal, worth up to $190 million, includes a profitability-linked earn-out provision with Global Panduro, S.L.U., a company managed by Resource Capital Funds. The initial payment consists of $45 million in cash, supplemented by a $65 million loan note subject to adjustments, with additional payments contingent on the achievement of project development milestones.

The Las Cruces site, situated approximately 20 kilometers northwest of Seville, has a rich operational history, producing copper cathodes from 2009 to 2021. It also underwent tailings reprocessing from 2021 to 2023. An updated NI 43‑101 Technical Report released by First Quantum in February 2024 outlines plans for a next-phase redevelopment, emphasizing the construction of a new underground mine that will supply a polymetallic refinery aimed at producing copper, zinc, lead, and silver.

Industry Overview in Spain

Spain's mining industry, particularly in the non-ferrous metals sector, has been gradually recovering and expanding. Its strategic location within Europe allows for logistical advant