Cobre Las Cruces S.A.U. (CLC) has announced the completion of the transaction through which Global Panduro S.L.U., a company controlled by Resource Capital Funds (RCF), has acquired 100% of the company from First Quantum Minerals (FQM).

The binding agreement, announced at the end of 2025, included a consideration of up to $190 million plus a profitability-linked earn-out provision to Global Panduro S.L.U.

This agreement opens a new chapter for the mining and metallurgical facility, located 20 km northwest of Seville where CLC will continue as a Spanish-headquartered operation under its new owner. From an industrial and economic perspective, the project will consolidate Cobre Las Cruces as a leading technological and industrial hub in Andalusia, Spain and Europe, generating skilled employment and fostering a strong local value chain, CLC says.

RCF is a group of commonly-managed private equity funds, established in 1998, with a mining sector specific investment mandate spanning across mineral commodities and geographic regions. Since inception, RCF has supported over 235 mining companies, with projects located in 55-plus countries and across 35-plus commodities.

The immediate focus under the new ownership will be the advancement of the PMR (Polymetallurgical Refinery) Project – a strategic industrial development that will bring a new underground mining operation and a state-of-the-art refinery producing copper, zinc, lead and silver from a primary sulphide orebody, CLC says. It is expected to support at least 20 more years of mining, industrial activity and value creation for the region.

The proposed PMR project comprised a new dual drift access underground mine producing up to 2 Mt/y, feeding a polymetallic refinery with a design throughput of up to 2.2 Mt/y. Additional ore feed of 0.2 Mt/y would be sourced from existing surface stockpiles to meet plant capacity. Specific components of the project would include a multi-phased underground mine extending to an ultimate depth of 450 m, producing up to 2 Mt/y and utilising Drift and Fill and Longhole Open Stoping extraction methods.

This project was recognised by the European Commission in March 2025 as a Strategic Project under the Critical Raw Materials Act, underlining its significance to European industrial resilience and the energy transition.

Pedro Soler, CEO of Cobre Las Cruces, said: “The closing of this transaction marks the beginning of a new chapter for Cobre Las Cruces, backed by a leading investor in the global mining industry. Our project – a polymetallurgical refinery based on cutting-edge technology – has recognised strategic value and extraordinary potential for Andalusia and Spain, as well as for the critical materials supply chain in Europe. With RCF as our partner, we have the resources, the knowledge and the drive to bring it to full and successful fruition.”