First Quantum will acquire Antares for C$460m (US$450m).

Antares owns the Haquira large-scale copper and gold project, located in Peru, which has an indicated resource of 3.2 million tons of copper.

The company is looking to diversify its business after the Democratic Republic of Congo seized the licence for its Kolwezi mine, which was eventually acquired by Kazakh-based mining group ENRC.

The Haquira project is located adjacent to the $4.2bn Las Bambas development, owned by Xstrata.