TORONTO, September 7, 2017 /PRNewswire/ --
(In United States dollars, except
where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the
"Company", TSX Symbol "FM") today announced that it has
agreed terms for an additional precious metals stream agreement on
the Cobre Panama project with Franco-Nevada (Barbados) Corporation ("FNB"), a wholly-owned
subsidiary of Franco-Nevada Corporation (TSX Symbol "FNV",
NYSE Symbol "FNV") subject to final documentation. The Company
intends to use the proceeds to fund the entire first installment of
its previously announced acquisition of an additional 10% interest
in Cobre Panama from LS-Nikko Copper Inc.
ADDITIONAL STREAM AGREEMENT DETAILS:
- The US$178 million purchase price
will be paid as a one-time advance payment upon closing of the
transaction which is expected to occur by the end of September 2017. No additional pro-rata funding
will apply to the additional stream.
- The terms of the additional stream, other than the on-going
price, will mirror FNB's existing stream on Cobre Panama, including
initially linking precious metals deliveries to copper in
concentrate shipped for approximately the first 25 years of
production. FNB will initially pay an on-going price of 20% of the
spot price of gold and silver until 302,000 ounces of refined gold
and 4.8 million ounces of refined silver have been delivered.
Thereafter, the on-going price will increase to 50% of the
prevailing spot price of gold and silver.
On Behalf of the Board of Directors of First Quantum Minerals
Ltd.
G. Clive Newall
President
For further information, visit our website
at http://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