First Quantum snaps up Kiwara for £158m

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LONDON (ShareCast) - Miner First Quantum has agreed to buy rival Zambia-focused base metal miner Kiwara (LSE: WADH.L - news) in a cash and share deal worth £158m.

Both companies are listed in London. First Quantum, which is also listed in Toronto, on the full list and Kiwara on AIM.

The deal will see Kiwara shareholders receive cash and shares worth an equivalent 75p per share, a 41.5% premium to the closing price last Friday. Prior to the bid, Kiwara shares had already risen more than 250% over the past 12 months.

Shareholders of approximately 76.05% of Kiwara have irrevocably undertaken to vote in favour of the scheme subject to certain exceptions.

Kiwara's main asset is a controlling interest in the Kalumbila Copper deposit situated in the Kabombo Dome in North Western Province, Zambia.

"This transaction with First Quantum puts the project into a management team with a proven track record to implement major projects on time and to specification," Colin Bird, Kiwara's chairman said.

First Quantum already owns significant interests in Zambia.