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Market: TSX, LSE
Sector: General Mining
Epic: FQM
News: Latest news
Web Site: First Quantum Minerals
Other Articles: 24-05-201016-03-201026-01-2010 
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Thursday July 29, 09:30Specialist Energy Group Lays Out a Compelling Blueprint for Growth

After a difficult start to life as a stock market listed company, the company now stands at the threshold of a much brighter future. Legacy issues have been dealt with and the turnaround programme initiated by CEO Ewan Lloyd-Baker is gaining traction.

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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

Silver Lake Resources has added over 1 million ounces of gold to its resource inventory during the year after mining 66,700 ounces and expects further encouraging results at its  Mount Monger and Murchison projects.

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian Government Foreign Investment Review Board (FIRB) had no objections to Henan Yuguang Lead & Gold Co. Ltd's [...]

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First Quantum Minerals

First Quantum Minerals

First Quantum Minerals is a growing mining and metals company whose principal activities include mineral exploration, development and mining. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid.

The Company's operations in Zambia include the 100% owned Bwana Mkubwa SX/EW facility and sulphuric acid plants and the 80% owned Kansanshi open pit copper-gold mine. First Quantum also holds strategic investments in Zambia through Mopani Copper Mines (16.9%) who operate the Nkana underground copper mine and cobalt refinery and the Mufulira underground copper mine, smelter and copper refinery, as well as Equinox Minerals Ltd. (17.3%) who are developing the Lumwana copper mine.

In the Democratic Republic of Congo, First Quantum operates the 100% owned Lonshi open pit copper mine which provides oxide copper ore for processing at Bwana Mkubwa, a 95% interest in the Frontier copper deposit, and a 65% interest in the Kolwezi copper-cobalt tailings project.

In Mauritania, First Quantum operates the 80% owned Guelb Moghrein copper gold mine.

In 2007, First Quantum produced 226,000 tonnes for copper and reported a net profit of US$ 520 million. In 2008, First Quantum is forecast to produce 310,000 tonnes of copper, a 37% increase over 2007.
Tuesday, March 16, 2010

First Quantum steps up, and delivers

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By Barry Sergeant, Mineweb.com

First Quantum, the African copper-gold miner, now expanding into nickel beyond the continent, reported a sharp turnaround in its fortunes for 2009, bar the debacle at Kolwezi tailings in the Democratic Republic of the Congo, which appears to have turned into a farce of international proportions.

Jungle tragedy and comedy aside, First Quantum produced 374,000 tonnes of copper in 2009, and is anticipating 385,000 tonnes this year. Gold production for 2009 was 193,000 ounces, with 240,000 ounces anticipated this year.

First Quantum's group copper production has grown from 29,500 tonnes in 2003, all from Bwana (Zambia) and Lonshi (just across the border in the DRC). Group gold production started out at a modest 14,300 ounces in 2005. The group owns and operates 80% of the Kansanshi copper-gold mine in Zambia ("a foundation asset"), 95% of Frontier in the DRC, and 80% of the Guelb Moghrein gold-copper mine in Mauritania.

First Quantum is expanding in Africa, and also moving offshore. On 23 November 2009, First Quantum announced it would acquire London-listed Kiwara for USD 260m, mainly for its controlling interest in mineral prospecting licence 267, covering 2,850 km² on the periphery of the Kabombo Dome in Zambia.

On 30 November, First Quantum announced the go ahead for its Kevitsa, Finland project, with a capital cost of USD 400m and first production anticipated for 2012. The mine will produce a cocktail of concentrates, with metals that include copper and gold, led by nickel.

On 8 December First Quantum announced the USD 340m acquisition of Ravensthorpe, Australia from BHP Billiton. Ravensthorpe, approved in March 2004, was built at a cost of USD 2.1bn but operations were suspended in January 2009, following the precipitous decline in nickel prices, long among the most volatile of any commodity. From highs close to USD 25.00/lb in 2007, nickel fell to nearly USD 4.00/lb, and has since recovered to close on USD 10.00/lb.

First Quantum has commenced work at Ravensthorpe, modifying the crushing, conveying, stockpile and reclaim areas, and will continue work for about the next 12 months, followed by about six months of commissioning and ramp-up.

First Quantum expects Ravensthorpe's average annual production of nickel metal at about 39,000 tonnes for the first five years, after recommencement of operations, and an average annual production of 28,000 tonnes of nickel metal over the expected life of mine of 32 years. The total modification cost is estimated at about USD 150m.

First Quantum is distinguished as one of just a few miners that have kicked off in Africa and expanded outside the continent. The group started mining at Lonshi, just over the DRC border, in August 2001; a 36km laterite road was built to haul ore from Lonshi to Bwana Mkubwa, near Ndola. The Lonshi orebody was mined out during 2008, by which time First Quantum had made it into the major league.

As for the drama in the DRC, the carrying value of the Kolwezi tailings development project, or KMT, is USD 787m, being an initial acquisition cost of USD 388m, and capital expenditures, so far, of USD 399m. In a September 2009 announcement, First Quantum confirmed suspension of work at the 75%-complete Kolwezi tailings project, after it was shuttered by government agents.

On February 1 2010 First Quantum announced commencement of international arbitration by First Quantum and its partners in KMT, under the facilities of the International Chamber of Commerce, International Court of Arbitration, in Paris.

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