Quadra FNX Mining
{{Infobox company
| name = Quadra FNX Mining Ltd
| logo =
| type = Public
| traded_as = {{TSX was|QUX}}
| genre =
| foundation = 15 May, 2002
| founder =
| defunct = 5 March, 2012
| fate = Acquired by KGHM Polska Miedz S.A.
| location_city = Vancouver, British Columbia
| location_country = Canada
| location =
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| key_people = Paul Blythe
| industry = Nickel-Copper Mines
| products =
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| owner =
| num_employees = 81 (2008){{cite web |url=http://zenobank.com/index.php?symbol=CA;FNX&page=quotesearch |title=Company Profile for FNX Mining Company Inc (CA;FNX) |access-date=2008-10-08}}
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Quadra FNX Mining Ltd was a Vancouver, British Columbia-based company that produced copper, nickel, platinum, palladium, gold, cobalt, and molybdenum with operations in Nevada, Arizona, Chile, Greenland, and the Sudbury Basin, Ontario, Canada.
Quadra FNX Mining was created by a merger of Quadra Mining Ltd. and FNX Mining Company Inc. in 2010. The company was taken over by KGHM Polska Miedz S.A. in 2012.
Quadra history
Quadra Resources Ltd. was incorporated in Vancouver, British Columbia on 15 May, 2002. The Company changed its name from Quadra Resources Ltd. to Quadra Mining Ltd. on 9 January, 2003.
On 8 April, 2004, Quadra Mining Ltd. completed an initial public offering raising approximately $145 million. Quadra used a portion of the proceeds of the offering to acquire the interest in the Robinson Mine located near Ely, Nevada.
FNX history
FNX Mining Company Inc. was incorporated in Toronto, Ontario on 26 June, 1984. {{cite web |url=http://www.fnxresources.com/fnx/mainlw.php?section=aboutuslw&page=1 |url-status=dead |archive-date=2002-12-08 |archive-url= https://web.archive.org/web/20021208110611/http://www.fnxresources.com/fnx/mainlw.php?section=aboutuslw&page=1 |title= About Us |publisher=FNX Mining Company Inc. |access-date=2019-12-29}} {{cite web |url=https://www.bloomberg.com/profile/company/FNX:CN|title=FNX Mining Co Inc |publisher=Bloomberg L.P |access-date=2019-12-29}}
A former Inco geologist, Terry MacGibbon, took over the reins of FNX — then called Fort Knox Resources — in 1997 and renamed the company to FNX Mining Company Inc. {{Cite news |date=2010-04-20 |title= FNX goes global with Quadra, sees more growth |url= https://www.reuters.com/article/fnx-quadra-idUSN1614717220100420 |work=Reuters |access-date=2019-12-29}}
Merger and KGHM Takeover
On 23 March 2010, FNX Mining Company Inc. announced that it agreed to be acquired by Vancouver-based Quadra Mining, pending ratification by the shareholders of both companies. Quadra operates the Robinson and Carlota copper mines in the US, and the Franke copper mining in Chile.{{Cite news |date=2010-03-23 |title= Quadra, FNX Mining to merge in C$1.54 billion deal |url= https://www.reuters.com/article/us-fnxmining/quadra-fnx-mining-to-merge-in-c1-54-billion-deal-idUSTRE62M1WT20100323 |work=Reuters |access-date=2019-12-29}} "Quadra and FNX move toward merger", Engineering & Mining Journal, April 2010, p. 6.
On 6 December 2011, Polish miner, KGHM Polska Miedz S.A. (World's 9th largest producer of copper) has agreed to buy Quadra FNX Mining Ltd. for approximately C$2.9 bn. Each shareholder of Quadra FNX Mining received C$15.00 for each commonly held share. The internal funds of KGHM was used to secure the purchase with hopes of an expedient return on investment; through current project in Arizona, Nevada, Chile and Ontario, Canada.{{Cite news |date=2011-12-06 |title= Poland's KGHM to buy Quadra FNX for C$3 billion |url= https://www.reuters.com/article/us-quadra-kghm/polands-kghm-to-buy-quadra-fnx-for-c3-billion-idUSTRE7B515O20111206 |work=Reuters |access-date=2019-12-29}}
The takeover of Quadra by KGHM was completed on 5 March, 2012. {{cite web |url=https://kghm.com/en/purchase-100-quadra-fnx-shares |title=Purchase of 100% of Quadra FNX shares |publisher=KGHM Polska Miedź S.A. |access-date=2019-12-29}}
References
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External links
- [https://web.archive.org/web/20120222204632/http://www.quadrafnx.com/s/home.asp Archived Quadra FNX Website]
Category:Companies formerly listed on the Toronto Stock Exchange
Category:Gold mining companies of Canada