Quadra FNX Mining

Quadra FNX Mining Ltd was a Vancouver-based Canadian mining company created in 2010 by the combination of Quadra Mining Ltd. and FNX Mining Company Inc. The company operated as a diversified metals producer, with copper as its principal commercial focus and additional exposure to nickel, platinum, palladium, gold, cobalt and molybdenum. Its assets and projects extended across the United States, Chile and Canada, with the company also associated with exploration interests in Greenland. The corporate history of Quadra FNX brought together two different mining businesses. Quadra originated as Quadra Resources Ltd., incorporated in Vancouver in 2002 and renamed Quadra Mining Ltd. in January 2003. It became a public company through an initial public offering completed in April 2004. Part of the capital raised in that offering supported the acquisition of an interest in the Robinson copper mine near Ely, Nevada. Quadra subsequently operated the Robinson and Carlota copper mines in the United States and the Franke copper operation in Chile. FNX had an older corporate lineage. It was incorporated in Toronto in 1984 as Fort Knox Resources. In 1997, former Inco geologist Terry MacGibbon assumed leadership of the company and later changed its name to FNX Mining Company Inc. FNX became known for its mining and exploration interests in the Sudbury Basin of Ontario, a region with long-established nickel and polymetallic mining activity. On March 23, 2010, FNX announced an agreement to be acquired by Quadra Mining, subject to shareholder approval. The transaction created Quadra FNX Mining, combining Quadra's producing copper assets in the United States and Chile with FNX's Sudbury Basin portfolio and exploration capabilities. The merged company presented itself as a mid-tier international mining group with a broader commodity mix and a geographically diversified asset base. Quadra FNX remained independent for less than two years. On December 6, 2011, KGHM Polska Miedź S.A., a major Polish copper producer, agreed to acquire the company for approximately C$2.9 billion. The announced consideration was C$15.00 in cash for each common share, with KGHM planning to fund the transaction internally. The acquisition was completed on March 5, 2012. Following the takeover, Quadra FNX ceased to operate as an independent publicly traded corporate entity and its assets became part of KGHM's international mining portfolio. The company is therefore best understood as a former mining corporate brand rather than a continuing independent consumer-facing brand. Its significance lies in the consolidation of Canadian mining assets, the development and operation of copper and polymetallic properties in several jurisdictions, and its eventual absorption into KGHM. Public reference material identifies operations or projects in Nevada, Arizona, Chile, the Sudbury Basin of Ontario and Greenland, although the available summary material does not provide a complete current asset register for the period immediately before the acquisition.

Quadra FNX Mining was established in 2010 through the merger of Quadra Mining Ltd. and FNX Mining Company Inc. Its history therefore derives from two predecessor companies with separate Canadian origins and operating profiles. Quadra's predecessor was Quadra Resources Ltd., incorporated in Vancouver, British Columbia, on May 15, 2002. The company changed its name to Quadra Mining Ltd. on January 9, 2003. Quadra completed an initial public offering on April 8, 2004, raising approximately $145 million. A portion of the proceeds was used to acquire an interest in the Robinson Mine near Ely, Nevada. Quadra's operating portfolio later included the Robinson and Carlota copper mines in the United States and the Franke copper mine in Chile. FNX's predecessor was incorporated in Toronto, Ontario, on June 26, 1984, as Fort Knox Resources. In 1997, Terry MacGibbon, a former Inco geologist, took control of the company. The business was subsequently renamed FNX Mining Company Inc. FNX developed interests in the Sudbury Basin of Ontario, an important Canadian mining district associated with nickel and other polymetallic resources. The two companies announced their proposed combination on March 23, 2010. The transaction was subject to shareholder approval and brought together Quadra's copper-producing assets in the United States and Chile with FNX's Sudbury Basin operations and exploration interests. The resulting company, Quadra FNX Mining Ltd., was headquartered in Vancouver and pursued a diversified mining model. Its reported commodities included copper, nickel, platinum, palladium, gold, cobalt and molybdenum. In addition to assets in the United States, Chile and Ontario, the company had projects or interests connected with Arizona and Greenland. The merged company did not remain independent for long. On December 6, 2011, KGHM Polska Miedź S.A. agreed to acquire Quadra FNX for approximately C$2.9 billion. The announced offer provided C$15.00 for each common share, and KGHM indicated that it would use internal funds for the purchase. Completion took place on March 5, 2012. Quadra FNX consequently ceased to function as a standalone listed mining company and was absorbed into KGHM's broader international operations. Because its independent corporate life lasted from 2010 to 2012, Quadra FNX's story is principally one of consolidation and acquisition. It represented the combination of a copper-focused producer with a company possessing a substantial Sudbury Basin heritage, then became part of a larger Polish copper-mining group. The available reference material does not identify a continuing Quadra FNX brand, standalone website or independent post-acquisition management structure.

• 2012

  Takeover completed

  [1]Quadra FNX Miningen.wikipedia.org

  KGHM completed its takeover of Quadra FNX Mining on March 5, ending the company's independent corporate existence.

• 2011

  KGHM announces acquisition agreement

  [1]Quadra FNX Miningen.wikipedia.org

  KGHM Polska Miedź agreed to acquire Quadra FNX for approximately C$2.9 billion, with an announced cash consideration of C$15.00 per common share.

• 2010

  Quadra and FNX announce merger

  [1]Quadra FNX Miningen.wikipedia.org

  On March 23, FNX Mining announced an agreement to be acquired by Quadra Mining, creating the basis for Quadra FNX Mining Ltd.

• 2004

  Quadra completes initial public offering

  [1]Quadra FNX Miningen.wikipedia.org

  Quadra Mining completed an initial public offering on April 8 and raised approximately $145 million, part of which supported the acquisition of an interest in the Robinson Mine.

• 2003

  Quadra Resources renamed

  [1]Quadra FNX Miningen.wikipedia.org

  Quadra Resources Ltd. changed its name to Quadra Mining Ltd. on January 9.

• 2002

  Quadra Resources incorporated

  [1]Quadra FNX Miningen.wikipedia.org

  Quadra Resources Ltd. was incorporated in Vancouver, British Columbia, on May 15.

• 1997

  Terry MacGibbon takes leadership of Fort Knox Resources

  [1]Quadra FNX Miningen.wikipedia.org

  Former Inco geologist Terry MacGibbon assumed control of the company then known as Fort Knox Resources.

• 1984

  FNX predecessor incorporated

  [1]Quadra FNX Miningen.wikipedia.org

  Fort Knox Resources, the predecessor of FNX Mining Company Inc., was incorporated in Toronto, Ontario.

A diversified, internationally operating metals producer centered on copper and supported by nickel, platinum-group metals, gold, cobalt and molybdenum assets.

• Base metals

  Copper

  Copper was Quadra FNX Mining's principal commodity and the center of several of its producing operations. The company operated or held interests in copper mines in the United States and Chile, including the Robinson, Carlota and Franke mines. Copper production provided the core commercial identity of the merged company, while its broader asset base added exposure to other metals.

• Base metals

  Nickel

  Nickel formed part of the polymetallic resource base associated particularly with the Sudbury Basin portfolio inherited through FNX Mining. The available reference material identifies nickel among Quadra FNX's produced or targeted metals but does not provide a detailed product specification or separate branded line.

• Precious and specialty metals

  Platinum-group metals

  Platinum and palladium were among the precious and specialty metals associated with Quadra FNX's diversified mining portfolio. These metals were linked to the company's polymetallic mining interests rather than marketed as consumer products.

• Precious metals

  Gold

  Gold was included among the metals produced or targeted by Quadra FNX Mining. It represented a secondary commodity exposure within a portfolio led by copper and supplemented by nickel, platinum, palladium, cobalt and molybdenum.

• Specialty and industrial metals

  Cobalt and molybdenum

  Cobalt and molybdenum were additional metals identified in descriptions of Quadra FNX's production and project portfolio. The available sources do not establish distinct commercial product brands, launch dates or standalone sales channels for either metal.

• 2011

  Accept KGHM acquisition offerM&A

  Background

  KGHM Polska Miedź sought international growth and agreed to purchase Quadra FNX, which held mining operations and projects in North America, Chile and other jurisdictions.

  Action taken

  KGHM agreed to acquire Quadra FNX for approximately C$2.9 billion and offered C$15.00 in cash for each common share.

  Aftermath

  The takeover closed on March 5, 2012, and Quadra FNX ceased to exist as an independent listed company.

  Announced acquisition value. Approximately C$2.9 billion (Announced December 6, 2011)

  Source

• 2010

  Combine Quadra Mining and FNX MiningM&A

  Background

  Quadra Mining operated copper assets in the United States and Chile, while FNX brought its Sudbury Basin mining and exploration interests. The companies announced a proposed combination on March 23, 2010.

  Action taken

  FNX agreed to be acquired by Quadra Mining, subject to ratification by the shareholders of both companies. The resulting entity was named Quadra FNX Mining.

  Aftermath

  The merger created a geographically diversified metals company with copper, nickel, platinum, palladium, gold, cobalt and molybdenum exposure.

  Source

1. 1Quadra FNX Miningen.wikipedia.org