POSCO (KOSE:A005490) entered into a binding agreement to acquire 30% stake in Ravensthorpe Nickel Operations Pty Ltd. from First Quantum Minerals (Australia) Pty Limited for approximately AUD 240 million on May 19, 2021. Under the terms of the Transaction, POSCO will acquire a 30% equity interest in Ravensthorpe for cash consideration of approximately AUD 240 million. First Quantum will retain a 70% interest in Ravensthorpe and continue to be the operator. As part of the Transaction, First Quantum and POSCO have also entered into a Memorandum of Understanding to explore a partnership to produce battery cathode precursor materials. The Transaction is subject to certain conditions including approval by the Australian Foreign Investment Review Board. The transaction is expected to close sometime in the third quarter of 2021. The proceeds of the Transaction will be applied to the outstanding amount on First Quantum Minerals' revolving credit facility, continuing the First Quantum Minerals' debt reduction. Standard Chartered Bank served as financial advisor and MinterEllison served as legal advisor to the Company for the purpose of the Transaction. Andrew Fisken, Alex Jones, Rhys Davies, and Daniel Lee, and was supported by Alex Regan, Joanne Steer, Matthew Roberts, Bradley Heath and Katalin Legradi, and Tara Alexander, Kimberley Chee, DK Donghyun Kim, and Jenita Iyalu, as well as Charlotte Elliott of DLA Piper Australia Pty Ltd acted as legal advisors to POSCO in the transaction. Deutsche Bank Aktiengesellschaft (XTRA:DBK) acted as financial advisor to POSCO in the transaction.