Wednesday 14th November 2018

Resource Clips

First Quantum to buy Antares for $460M Cash and Shares

First Quantum Minerals Ltd FM:CA and Antares Minerals Inc ANM:CA announced today that they have entered into a definitive agreement in which a subsidiary of First Quantum will acquire all of the outstanding securities of Antares. The total consideration for the purchase is approximately $460 million. Each common share of Antares will be exchanged for 0.07619 of a common share of First Quantum or a cash payment in the amount of $6.35, subject to an aggregate maximum cash consideration of $250 million.

Antares’ principal asset is the Haquira project in southern Peru. First Quantum Chairman/CEO Philip Pascall said, “The acquisition of Antares is another step in First Quantum’s stated strategy of geographical diversification. Haquira is a project which we consider that, with our experience, we can add material value to during the process of bringing it to commercial production and then subsequently through cost effective operation. Haquira is a world class copper project and has the potential to significantly increase First Quantum’s copper production profile.”

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First Quantum Minerals Ltd,
Director, Investor Relations,

or Antares Minerals Inc,

by Ted Niles

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