First Quantum Gains by Most in a Month on $1b Gold Pact (1)

(Updates with share price movement.)

First Quantum shares gain as much as 5% on Tuesday, its biggest intraday gain in about a month, after the metals miner said it will receive a $1 billion upfront cash payment in exchange for gold deliveries referenced to copper production from the Kansanshi Mine located in Zambia.

• Transaction provides long-term, unsecured, non-debt capital which will significantly bolster liquidity
• Proceeds will be used toward the payment of capex, general working capital requirements and bank loan repayment
  • Will allow co. to maintain full exposure to the copper production at Kansanshi

To view the source of this ...