First Quantum Buys British Mining Co. For $260M

Law360, New York (November 23, 2009, 5:05 PM EST) -- Vancouver-based mining company First Quantum Minerals Ltd. has agreed to pay $260 million to acquire Kiwara PLC, a London-based mineral exploration company focused on mining in Zambia.

The two companies announced the deal Monday and said that holders of 76 percent of Kiwara's shares had committed to accepting the offer, which was recommended by Kiwara's board.

Kiwara owns the Kalumbila copper mine in Zambia and has a market capitalization of approximately £105.4 million ($175 million), according to the statement. It also has interests in nickel and...
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