First Quantum’s $190M Cobre Las Cruces sale: project and process notes for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
First Quantum Minerals has agreed to sell the past‑producing Cobre Las Cruces copper mine in southern Spain to Global Panduro, controlled by Resource Capital Funds, for up to $190 million, with $45 million cash on closing, a $65 million loan note and about $80 million in milestone‑linked deferred payments. The asset includes a high‑grade open‑pit mine and hydrometallurgical plant near Seville that produced copper cathode from 2009–2021 and reprocessed tailings until 2023. Resource Capital plans a polymetallic primary sulphide project targeting copper, zinc, lead and silver, while First Quantum redirects liquidity after Cobre Panama’s shift to preservation and safe maintenance.
Technical Brief
- Transaction structure includes a $65 million loan note plus about $80 million milestone‑linked deferred payments.
- Additional deferred payments are tied to exit and liquidity events, effectively sharing future project upside.
- Existing hydrometallurgical plant near Seville previously produced copper cathode from 2009–2021, then treated tailings to 2023.
- Las Cruces lies about 20 km northwest of Seville, with established open‑pit workings and site infrastructure in place.
- First Quantum’s divestment follows a year of debt restructuring and a separate $1 billion streaming agreement to bolster liquidity.
- Resource Capital views Las Cruces as a European base‑metals platform aligned with long‑term AI and grid‑electrification demand.
Our Take
First Quantum’s decision to monetise Las Cruces in Spain comes as our coverage shows the company repeatedly referenced in 2025 copper price records tied to Cobre Panamá outages, suggesting this divestment is part of a broader balance-sheet and portfolio reset after that disruption.
The sale of a European hydrometallurgical copper asset like Las Cruces, with production already wound down, effectively concentrates First Quantum’s exposure back into larger, higher-risk jurisdictions, which may heighten investors’ sensitivity to operational or permitting shocks at remaining flagship assets.
For Global Panduro and Resource Capital Funds, acquiring a permitted brownfield copper site in southern Spain positions them in a region with comparatively stable European regulatory frameworks, which can be attractive for securing future offtake or financing in a tight copper market highlighted in recent price-peak coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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