ENRC completes acquisition and resolves dispute

published 2 March 2012

Mining giant Eurasian Natural Resources Corporation has completed the acquisition of First Quantum Minerals's residual claims and assets for a total consideration of $1.25bn.

The assets relate to the Kolwezi Tailings project, the Frontier and Lonshi mines and related exploration interests, all located in the Katanga Province of the Democratic Republic of Congo.

The consideration is comprised of $750m in cash, which was paid on closing, together with deferred consideration of $500m in the form of a three-year Promissory Note with an interest coupon of 3%, which is payable annually in arrears.