August 31, 2017 / 12:53 PM / in a year

First Quantum boosts Minera Panama stake to 90 pct

Aug 31 (Reuters) - Canadian miner First Quantum Minerals Ltd said on Thursday it would boost its stake in Minera Panama SA unit to 90 percent in a deal valued at $635 million.

The company, which currently owns 80 percent of the unit, said it signed an agreement to buy a 10 percent stake from South Korean copper miner LS-Nikko Copper. The deal would also include some shareholder loans in the unit.

First Quantum said it would make the payment for the deal over five years. (Reporting by Anirban Paul in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)

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