In 1994, Diamond Fields Resources Inc. (formerly TSE:DFR) discovered a large nickel deposit along the eastern shore of Voisey’s Bay in Newfoundland, Canada. This deposit was estimated to contain 141 million tonnes at 1.6% nickel and was considered to be one of the most substantial mineral discoveries in Canadian history. Diamond Fields Resources Inc. was first founded in 1993 by Jean-Raymond Boulle and Robert Friedland and in 1996, the company was sold to Inco Ltd. (now Vale Inco Ltd.) at $174 per share (pre-split) for $4.3 billion, only three years after DFR was founded. DFR received a $108 million strategic investment from Teck for 9.9% in H1 1995 and in H2 1995, DFR sold a 25% to Inco for $500 million (US$386 million) in preferred shares and cash. DFR later received competing offers from Falconbridge and Inco. Mr. Sedun was one of the Founding Directors and Shareholders, as well as the original Legal Counsel of Diamond Fields. At the time, the transaction was the largest takeover of a Canadian-based junior exploration company in Canadian history. Voisey’s Bay commenced production in 2005 and today is one of the largest nickel mines in the world.
Vale Inco Ltd.
Suite 1600, 200 Bay Street
Toronto, Ontario, Canada
In 2007, Peru Copper (formerly TSX:PCR) was 100% acquired by the Aluminum Corporation of China (or “Chinalco”) for US$790 million (C$840 million) in an all-cash takeover after listing on the Toronto Stock Exchange in 2003 with a $65 million IPO. Mr. Sedun was part of the founding shareholder group of Peru Copper when it was founded in 2003 to acquire the Toromocho copper project in Peru. Under Chinalco, Toromocho was later advanced into full production and in 2016 produced 182,000 tonnes of copper. In November 2016, Chinalco signed a preliminary agreement with Peru’s government to expand production of its Toromocho mine. In 2018, Chinalco commenced the US$1.3 billion expansion plan to increase annual copper output to 300,000 tpa.
Aluminum Corporation of China (Chinalco)
No. 62 North Xizhimen St.
Hai Dian District, Beijing, China
Tel: +86 10 8229 8103
Fax: +86 10 8229 8081
Adastra Minerals Inc. (formerly known as America Mineral Fields listed on both the Toronto Stock Exchange and London’s AIM market), was formed in 1995 by Mr. Jean-Raymond Boulle, one of the founders of Diamond Fields Resources Inc. (sold for $4.3 billion in 1996) and by Mr. Sedun, to develop Brazilian diamond interests but its focus quickly changed to Africa, in particular the Democratic Republic of Congo and Angola. It acquired the rights to the Kolwezi copper-cobalt project in the DRC in the 1990’s. In 2006, First Quantum Minerals (TSX:FM) acquired 100% of Adastra Minerals Inc. at $2.92 per share for approximately US$245 million (C$275 million). Today, the Kolwezi open-pit mine is 72% owned by Zijin Mining, a leading Shanghai and Hong Kong listed gold, copper and non-ferrous metals China-based producer and refiner.
First Quantum Minerals Ltd.
543 Granville Street, 8th Floor
Vancouver, BC, Canada