First Quantum to Sell Spain’s Cobre Las Cruces Copper Mine to Boost Liquidity

Under the deal terms, Global Panduro will pay USD 45 million in cash at closing and issue a USD 65 million loan note to First Quantum.

SEATTLE (Scrap Monster): First Quantum Minerals has agreed to sell the past-producing Cobre Las Cruces copper mine in Spain for up to USD 190 million, as the company looks to free up cash and strengthen liquidity for other strategic priorities. The Toronto-based miner said Global Panduro, an entity controlled by U.S. private equity firm Resource Capital Funds, will acquire the asset, with the transaction expected to close in the first half of 2026.

Under the deal terms, Global Panduro will pay USD 45 million in cash at closing and issue a USD 65 million loan note to First Quantum. The total consideration also includes around USD 80 million in deferred payments linked to project development milestones, as well as additional payments tied to exit and liquidity events.

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First Quantum had previously identified Las Cruces as a non-core asset and signaled plans to monetize it to support liquidity. The sale follows a busy year for the miner, marked by higher copper output, debt restructuring, improved liquidity, and a USD 1 billion streaming agreement, while its flagship Cobre Panama mine remains under care and maintenance.

Located roughly 20 kilometers northwest of Seville, Las Cruces operated as a high-grade open-pit copper mine and hydrometallurgical plant from 2009 to 2021. The site is now being positioned for redevelopment as a polymetallic sulphide project producing copper, zinc, lead, and silver.