First Quantum Minerals Provides an Update on its Zambian Operations

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

First Quantum Minerals Provides an Update on its Zambian Operations

PR Newswire

(In United States dollars, except where noted otherwise)

TORONTO, Sept. 14, 2017 /PRNewswire/ - First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM") today provided the following update on its Kansanshi complex and Sentinel mine in Zambia:

  • The four-week scheduled maintenance of the Kansanshi smelter was completed within the planned time period. The staged restart and ramp-up process was initiated on September 12; steady-state operations are expected during the week beginning September 18, 2017.

  • Unrestricted power is now being provided to the Company's operations.

  • An agreement has been reached between ZESCO (the state-run power company), the Government of the Republic of Zambia and First Quantum whereby:

    • First Quantum agrees to a tariff increase, to approximately $0.09 per kilowatt hour, provided that Kansanshi and Sentinel can each import a portion of their total power requirements from alternative suppliers.

    • The tariff increase will be implemented in two increments, with the first commencing immediately and the second being applied once the details of power import arrangements are agreed and formalized by contract. 

    • The tariff will be reviewed upon finalization of a Cost of Service Study which has been commissioned by the Energy Regulation Board. The study is expected to be available in early 2018.

    • The tariff is backdated to January 2017, with a portion of the arrears to be applied to improving the stability of power supplies for Kansanshi and Sentinel.

    • The Government and ZESCO have committed to provide continuous unrestricted supply of power to First Quantum's operations and to facilitate the importation of power from alternative suppliers.

  • Through management action, budgeted production at the Kansanshi and Sentinel mines have been maintained for the quarter to date.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.   
G. Clive Newall
President

SOURCE First Quantum Minerals Ltd.

Copyright CNW Group 2017

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).