POSCO acquires 30% stake in First Quantum Ravensthorpe nickel-cobalt mine
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Update time : 2021-05-24 20:16:45
First Quantum Minerals Ltd., a Canadian-based mining and metals company, announced on May 19 that it would sell 30% of its Ravensthorpe Nickel Operation in Western Australia to South Korea's POSCO for US$240 million to reduce the company’s debt.
First Quantum and POSCO have signed a binding agreement, but the transaction must pass the relevant approval process, which was expected to be completed in the third quarter of 2021.
First Quantum will continue to operate the Ravensthorpe open-pit nickel and cobalt operation as a 70% equity holder. From 2024, POSCO will be able to purchase 7,500 tons of nickel in mixed nickel-cobalt hydroxide precipitate (MHP) produced by Ravensthorpe each year.
