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COPPERGOLDLITHIUMNICKELCOMMODITIESTOP 50USACANADAAUSTRALIAREGIONSTNM MAPSTNM MARCO POLOFirst Quantum gets out of Congo with $1.25 billion asset saleAndrew Topf | January 5, 2012 | 6:00 pm Base Metals Precious Metals Africa Europe Copper Gold First Quantum Minerals, the Vancouver-based copper miner embroiled in a dispute with the Congolese government over expropriation of one of its key assets, has sold its mines in the Central African country.

First Quantum (TSE:FM) said Thursday that Eurasian Natural Resources Corporation PLC has agreed to pay US$1.25 billion for its Kolwezi tailings project, along with the Frontier and Lonshi mines and related exploration interests.SIGN UP FOR THE COPPER DIGESTSIGN UPTwo years ago First Quantum had its largest copper mine, Frontier, nationalized by the DRC government, which accused the company of contract violations.
First Quantum was subsequently ordered to shut down the mine after a Congolese Supreme Court ruling that granted prospecting rights, but not mining rights, to state-owned miner Sodimico.

First Quantum then took the Congolese government to international arbitration over the expropriation.

The $1.25 billion sale price announced today also includes settlement of legal matters.