TORONTO, Ontario — December 23, 2025 — Leads & Copy — First Quantum Minerals Ltd. has announced that its subsidiary, Cobre Las Cruces S.A.U., has agreed to sell the Las Cruces mine in Spain to Global Panduro, S.L.U. for up to $190 million, plus a profitability-linked earn-out.
Global Panduro, a company controlled by funds managed by Resource Capital Funds, will develop the Las Cruces polymetallic primary sulphide project.
Under the agreement, Global Panduro will acquire Las Cruces for $45 million in cash at closing. They will also issue an approximately $65 million loan note to the seller, subject to certain working capital adjustments. The agreement includes up to $80 million in deferred payments tied to certain project development milestones, and a further contingent deferred earn-out payment tied to exit and liquidity events of 10% of the proceeds above an agreed internal rate of return threshold.
The transaction is subject to customary conditions and regulatory approvals, with an expected closing during the first half of 2026.
The Las Cruces site, located 20 kilometers northwest of Seville, produced copper cathodes from 2009 to 2021 and completed tailings reprocessing from 2021 to 2023. In February 2024, First Quantum released an updated NI 43‑101 Technical Report outlining plans for a redevelopment via a new underground mine feeding a polymetallic refinery to produce copper, zinc, lead, and silver.
Resource Capital Funds, established in 1998, is a private equity fund manager focused on the mining sector. It has supported over 235 mining companies across 55+ countries and 35+ commodities.
BMO Capital Markets acted as financial advisor, and Simmons & Simmons served as legal advisor to First Quantum for the transaction. Norton Rose Fulbright served as legal advisor to RCF.
Investor Relations Contact:
Bonita To, Director, Investor Relations
(416) 361-6400
Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com
Media Relations Contact:
James Devas, Manager, Corporate Affairs
+44 207 291 6630
E-Mail: james.devas@fqml.com
Source: First Quantum Minerals Ltd.
