Wedoany.com Report-Dec.25, First Quantum Minerals Ltd. (TSX: FM) announced late Tuesday, December 23, 2025, that its wholly-owned subsidiary, Cobre Las Cruces S.A.U., has entered into a binding agreement to sell the Las Cruces mine in Spain. The buyer is Global Panduro, S.L.U., a company controlled by funds managed by Resource Capital Funds, a U.S.-based private equity firm focused on mining investments.

The transaction provides for total consideration of up to $190 million, plus a profitability-linked earn-out provision. Payment terms include $45 million in cash at closing, issuance of an approximately $65 million loan note to First Quantum (subject to certain working capital adjustments), up to $80 million in deferred payments linked to specific project development milestones, and additional contingent payments tied to future exit or liquidity events.

The deal is subject to customary conditions and regulatory approvals, with closing anticipated in the first half of 2026.

Shane Nagle, a mining analyst at National Bank Financial, said Wednesday: “First Quantum had earlier highlighted that the mine was non-core and stated its intention of monetizing the asset as a measure to support liquidity.”

Global Panduro plans to advance a polymetallic primary sulphide project at the site. In February 2024, First Quantum released an updated NI 43-101 technical report outlining potential redevelopment through a new underground mine and polymetallic refinery to produce copper, zinc, lead, and silver.

The Las Cruces site, located about 20 kilometres northwest of Seville, features a high-grade open-pit copper mine and hydrometallurgical plant. It produced copper cathodes from 2009 to 2021 and completed tailings reprocessing from 2021 to 2023.

This sale supports First Quantum's efforts to enhance liquidity amid a year that included expanded copper production, debt restructuring, a $1 billion streaming agreement, and ongoing preservation measures at its Cobre Panama mine.

Resource Capital Funds views the acquisition as a strategic addition to its European portfolio, anticipating benefits from long-term demand growth driven by applications such as artificial intelligence and grid electrification.

On Wednesday, First Quantum shares declined 2.1% to C$36.19 in Toronto trading, resulting in a market capitalization of approximately C$30 billion ($22 billion).

The agreement allows First Quantum to focus resources on core operations while enabling continued development of the Las Cruces asset under new ownership. The transaction reflects active interest in established mining sites with redevelopment potential in the copper and critical minerals sector.