An agreement that will see Polish company KGHM purchase Quadra FNX has been approved by 78.6 per cent of its securityholders following a special meeting Feb. 20.
Under the arrangement, which is expected to close by early March, Quadra will be sold to the copper and silver producer for $3.5 billion. Headquartered in Lubin, Poland, KGHM was founded in 1961 and is the ninth largest mined copper producer and third largest silver producer in the world.
The company's mines and smelters are situated in Poland, which provides a favourable location in the middle of the European market. KGHM operates the deepest mines in Europe and has considerable expertise in underground mining. The company operates on its own copper ore deposit—the largest copper deposit in the world—and has an integrated production structure, comprising three mines, copper smelters, a wire rod plant and auxiliary units supporting the core business.
In 2010, KGHM produced 937.8 million pounds of mined copper, 1.206 billion pounds of refined copper, 37.3 million ounces of silver and 24,949 ounces of gold.
Quadra FNX's Sudbury-area operations comprise the Levack Mine, including the Morrison Deposit, the Podolsky Mine and the McCreedy West Mine, as well as the polymetallic Victoria development project.
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