Cobre Las Cruces begins a new chapter with Global Panduro to advance its European Strategic polymetallic refinery project

Cobre Las Cruces S.A.U. (CLC) today announces 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).

This agreement opens a new chapter for the mining and metallurgical facility, located 20 kilometres 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.

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+ countries and across 35+ commodities. Further information about RCF can be found on its website (www.resourcecapitalfunds.com).

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 ore body. It is expected to support at least 20 more years of mining, industrial activity and value creation for the region.

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:

“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.”