First Quantum Minerals to sell the Las Cruces copper mine in Spain
Toronto, Ontario – First Quantum Minerals has announced that its wholly-owned subsidiary, Cobre Las Cruces S.A.U. (“Las Cruces”), entered into a binding agreement to sell the Las Cruces mine in Spain for consideration of up to $190 million plus a profitability-linked earn-out provision (the “Transaction”) to Global Panduro, S.L.U. (“Global Panduro”), a company controlled by funds managed by Resource Capital Funds. The Transaction paves the way for Global Panduro to develop the Las Cruces polymetallic primary sulphide project (the “Project”).
Transaction Summary
Under the terms of the Transaction, Global Panduro will acquire Las Cruces for a consideration comprising $45 million in cash at closing, issue of an approximately $65 million loan note to the seller (subject to certain working capital adjustments), up to $80 million in deferred payments tied to certain Project development milestones, and a further contingent deferred earn-out payment or payments tied to exit and liquidity events of 10% of the proceeds over and above an agreed internal rate of return threshold.
The Transaction is subject to certain customary conditions and regulatory approvals and is expected to close during the first half of 2026.
About Las Cruces
The Las Cruces site is located approximately 20 kilometres northwest of Seville. The mine produced copper cathodes from 2009 to 2021 and completed tailings reprocessing from 2021 to 2023. In February 2024, First Quantum published an updated NI 43‑101 Technical Report setting out plans for a next‑phase redevelopment on the existing mine site via a new underground mine feeding a polymetallic refinery to produce copper, zinc, lead and silver.
