Eurasian Natural Resources Corporation (ENRC) has completed its previously announced acquisition of First Quantum Minerals’ claims and assets in respect of the Kolwezi Tailings project, the Frontier and Lonshi mines and related exploration interests, all located in the Katanga Province of the DRC, for a total consideration of $1.25 billion. The consideration is comprised of $750 million in cash, which was paid on closing, together with deferred consideration of $500 million.

In connection with the transaction, FQM, ENRC and the DRC government “have also resolved all disputes relating to the companies being sold, and their assets and operations in the DRC, and have released one another in respect of all claims and judgments relating to the foregoing or to any other matter arising in the DRC on or before the date of closing.” In January 2012, when the agreement was first announced, ENRC stated: “Since the acquisition of CAMEC PLC in 2009, ENRC has accelerated its commodity diversification strategy and international expansion plans, and in doing so, built a solid platform for future growth as an international natural resources group. One of the key aspects of ENRC’s diversification strategy has been the acquisition, consolidation and development of copper and cobalt licences within the African copperbelt. The settlement paves the way for fast track development of the Kolwezi Tailings project and for ENRC to become a significant global copper producer.”