TORONTO, October 20, 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 signed a new Term Loan and Revolving Credit Facility
(the "Facility") with its core relationship banks. This new
Facility replaces the existing $1.875
billion Facility. The new $2.2
billion Facility comprises 17 banks and was increased from a
launch amount of $2.0 billion
following significant demand in the bank market. It comprises a
$700 million Term Loan Facility, and
a $1.5 billion Revolving Credit
Facility, maturing on December 31,
2020 with an option to extend for a further two years where
certain conditions are met. The new Facility includes revised
financial covenants, an extended amortization schedule that starts
in December 2019, improves the
financial flexibility of the Company through the added liquidity
and is timed to better match the Cobre Panama commissioning and
ramp up schedule.
Under the new Facility, the current Net Debt to EBITDA covenant
ratio of 5.0x will now be maintained until Q2 2018. The ratio will
then reduce to 4.75x until Q2 2019, then to 4.5x until Q4 2019 and
to 4.0x to Q2 2020, when it will reduce to 3.5x.
BNP Paribas and Societe Generale acted as Bookrunners on the
Facility.
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
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The forward-looking statements include
estimates, forecasts and statements as to the Company's
expectations of production and sales volumes, and expected timing
of completion of project development at Cobre Panama and are
subject to the impact of ore grades on future production, the
potential of production disruptions, capital expenditure and mine
production costs, the outcome of mine permitting, the outcome of
legal proceedings which involve the Company, information with
respect to the future price of copper, gold, nickel, zinc, pyrite,
cobalt and sulphuric acid, estimated mineral reserves and mineral
resources, First Quantum's exploration and development program,
estimated future expenses, exploration and development capital
requirements, the Company's hedging policy, and goals and
strategies. Often, but not always, forward-looking statements or
information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about continuing
production at all operating facilities, the price of copper, gold,
nickel, zinc, pyrite, cobalt and sulphuric acid, anticipated costs
and expenditures and the ability to achieve the Company's goals.
Forward-looking statements and information by their nature are
based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements or
information. These factors include, but are not limited to, future
production volumes and costs, the temporary or permanent closure of
uneconomic operations, costs for inputs such as oil, power and
sulphur, political stability in Zambia, Peru,
Mauritania, Finland, Spain, Turkey, Panama, Argentina and Australia, adverse weather conditions in
Zambia, Finland, Spain, Turkey, Mauritania and Panama, labour disruptions, power supply,
mechanical failures, water supply, procurement and delivery of
parts and supplies to the operations, and the production of
off-spec material.
See the Company's Annual Information Form for additional
information on risks, uncertainties and other factors relating to
the forward-looking statements and information. Although the
Company has attempted to identify factors that would cause actual
actions, events or results to differ materially from those
disclosed in the forward-looking statements or information, there
may be other factors that cause actual results, performances,
achievements or events not to be anticipated, estimated or
intended. Also, many of these factors are beyond First Quantum's
control. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. All forward-looking
statements and information made herein are qualified by this
cautionary statement.
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