20
May
14:33
First Quantum sells nickel stake to POSCO
Canada-based First Quantum Minerals is selling a 30% stake in its Ravensthorpe nickel-cobalt operation in Western Australia to South Korea-based steelmaker POSCO Ltd for $240 million, Kallanish reports.
First Quantum will retain a 70% interest in the mine and will use the sale proceeds to reduce its debt. POSCO will be provided with a long-term offtake agreement for 7,500 tonnes/year of mixed nickel-cobalt hydroxide precipitate beginning in 2024. The mine produced…
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