First Quantum Minerals has agreed to sell its past-producing Cobre Las Cruces copper mine in Spain to an investment fund for up to $190 million, part of a broader effort to improve liquidity and focus on core assets.
Mining.com reports that the buyer, Global Panduro, an entity controlled by U.S. private equity firm Resource Capital Funds, plans to develop a polymetallic primary sulphide project at the site. The transaction is expected to close in the first half of 2026.
Under the deal terms, Global Panduro will pay $45 million in cash at closing and issue a $65 million loan note to First Quantum.
The purchase also includes about $80 million in deferred milestone payments, plus additional payments tied to future exit or liquidity events.
Analyst Shane Nagle of National Bank Financial noted, "First Quantum had earlier highlighted that the mine was non-core and stated its intention of monetising the asset as a measure to support liquidity."
The sale caps a year of significant corporate activity for First Quantum, which has expanded production, restructured debt, and secured a $1 billion streaming agreement while its flagship Cobre Panama mine remains on care and maintenance.
Located 20 km northwest of Seville, Las Cruces operated as a high-grade open-pit mine and hydrometallurgical plant from 2009 to 2021, later processing tailings until 2023.
A 2023 technical report outlined plans for redeveloping the site via an underground mine and refinery to produce copper, zinc, lead, and silver.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
