Bloomberg -Grupo Mexico Weighs Bid for First Quantum’s Spanish Mine.
January 11, 2024 at 9:37 AM EST
Grupo Mexico is among several firms considering bids to buy a Spanish copper mine from First Quantum Minerals Ltd., as the Canadian metals producer seeks to bolster its balance sheet after its flagship mine in Panama was ordered to shut down.
First Quantum initiated a process to sell its Las Cruces mine in southern Spain in December after the sudden closure of the Cobre Panama mine left the company facing financial uncertainty, according to people familiar with the matter, who asked not to be identified discussing confidential information. Las Cruces, one of First Quantum’s smallest operations, is valued at less than $1 billion, the people said.
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According to First Quantum's website, Las Cruces Mineral Resource at 1% Cu cut-off is 36.2mt grading 2.52 CuEq comprising 1.26% Cu, 1.13% Pb, 29.42 g/t AG and 2.5% Zn.
The very high grade Cu Au open cut is mined out and the Resource estimate is for an underground polymetallic operation.
BH & team would welcome another mine in the Iberian Pyrite Belt. They may or may not be interested in Las Cruces, located just north of Seville. A polymetallic Zn Pb Ag concentrator would have to be addd to the existing plant.
They have the expertise for the task and are definitely in the data room.
Would shareholders and financiers willingly pony up $US1B?
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