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First Quantum sells 30% stake in Ravensthorpe to POSCO for US$240M Loading a haul truck. Credit: First Quantum Minerals. First Quantum Minerals (TSX: FM) is selling a 30% stake in its Ravensthorpe nickel operation in Western Australia to South Korean steel giant POSCO for US$240 million. The funds will be used to help pay down debt. Under the deal, POSCO, South Korea’s largest steel maker and the world’s fourth-largest, is also securing 7,500 tonnes of nickel in mixed nickel-cobalt hydroxide precipitate (MHP) a year starting in 2024 under an offtake agreement. The two companies have also signed an MOU to explore a strategic partnership to produce battery cathode precursor materials most likely in the form of nickel sulphate by using Ravensthorpe’s MHP.

Western australiaNova scotiaSouth koreaJackie przybylowskiRaymond jamesFarooq hamedSumitomo corporationFirst quantum mineralsSouth koreanSumitomo metal miningKorea resourceFirst quantumமேற்கு ஆஸ்திரேலியாநோவா ஸ்கோடியாதெற்கு கொரியாரேமஂட் ஜேம்ஸ்