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Epic & Msn data

Epic	FQM
Time:	16:35:18
Mid Price:	5725.00
Change Today:	-89.00
Change % Today:	-1.53
Fifty Two Week High:	5890.00
Fifty Two Week Low:	1940.00
Market Capital:	4608.60

Period & price data

Period	Price
Now:	5725.00
3 Months ago:
6 Months ago:
1 Year ago:

Additional information

Additional	Information
Market:	LSE, TSX
Sector:	General Mining - Copper
Epic:	FQM
News:	Latest news
Web Site:	First Quantum Minerals
Other Articles:	09-12-200923-11-200918-09-2009

First Quantum Minerals to buy Zambia-focused Kiwara in recommended US$260.2 mln deal

First Quantum Minerals Ltd (TSX: FM; LSE: FQM) said it has agreed a recommended offer to buy Kiwara PLC (AIM: KIW; JSE: KWR) in a cash and shares deal, valuing the Zambia-focused mineral exploration and development company at approximately US$260.2 million.

Kiwara shareholders will receive 0.0085 First Quantum shares and £0.375 for every Kiwara share held. The implied value of the purchase price is £0.75 per Kiwara share based on an agreed market price of £43.68 for one First Quantum share on the LSE. This represents a 41.5 percent premium to Kiwara’s closing price on AIM on November 20, and a 35.5 percent premium to the volume-weighted average trading price for the 20 trading days ended November 20.

The deal will result in the issuance of approximately 1,884,448 million new First Quantum shares.

The company has approached each director of Kiwara and Cardiff Property PLC, City National Resources High Yield Trust, Derek Joseph, New African Mining Fund, Geiger Counter and Ian Reynolds holding approximately 76.05 percent of Kiwara who have irrevocably undertaken to vote in favour of the deal.

Commenting on the transaction, Kiwara chairman Colin Bird said: "In the evolution of a major mining project, management is constantly faced with matching progress with overall resource capacity. Kiwara has recognized that the Kalumbila (copper) project and indeed the licence area in general, has potential well in excess of our current resource capability.”

“This transaction with First Quantum puts the project into a management team with a proven track record to implement major projects on time and to specification.”

Kiwara’s asset is a controlling interest in mineral prospecting licences on the periphery of the Kabombo Dome in North Western Province, Zambia. The licence area includes the Kalumbila copper deposit. An infill drilling programme is ongoing as part of a study by Snowden Mining Consultancy to advise on a pre-feasibility study at Kalumbila. The initial focus of the study is to establish an indicated resource on the open-pittable mineralization identified by drill results to date.

Also contained in the licence area are the Kawako nickel prospect and the Kawanga uranium prospect. Preliminary drilling carried out to date suggests that both prospects have significant upside potential.

First Quantum chairman and CEO Philip Pascall said: "This transaction is consistent with First Quantum's strategy of acquiring projects to which we can add value by applying our considerable technical expertise. In addition, we believe our many years of successful operations in the Copperbelt and Zambia in particular will be beneficial in the development and eventual operation of the new assets."

First Quantum is engaged in mineral exploration, development and mining. The company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid.  Its assets in Zambia include the 80 percent owned Kansanshi open pit copper-gold mine, the 100 percent owned Fishtie copper project and the 100 percent owned Bwana Mkubwa solvent extraction / electrowinning facility and sulphuric acid plants. First Quantum also holds strategic investments in Mopani Copper Mines, 16.9 percent, operator of the Nkana underground copper mine and cobalt refinery and the Mufulira underground copper mine, smelter and copper refinery, as well as Equinox Minerals Ltd, 16.32 percent, a publicly-traded company that operates the Lumwana copper mine.

In the Democratic Republic of Congo, First Quantum operates the 95 percent owned open pit Frontier copper mine and holds 65 percent in the Kolwezi copper-cobalt tailings project. In Mauritania, First Quantum operates the 80 percent owned Guelb Moghrein copper-gold mine. In Finland, the company owns the Kevitsa nickel-copper-PGE project.

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