Activity in the market- TORONTO, May 19, 2021 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ("First
Quantum" or the "Company") (TSX:FM) today announced that it has entered into a
binding agreement to sell a 30% equity interest in the Ravensthorpe Nickel
Operation (“Ravensthorpe”) in Western Australia for cash consideration of $240
million to POSCO, one of the world’s largest steel producers (the
“Transaction”). First Quantum will retain a 70% interest in Ravensthorpe and
continue to be the operator. The proceeds of the transaction will be used to
reduce the Company’s debt. In addition to the Transaction, POSCO and First
Quantum have also agreed to evaluate a strategic partnership to produce
battery precursor materials from production at Ravensthorpe.