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FQM records $969m profit By Business Reporter
By Business Reporter
FIRST Quantum Minerals (FQM) posted a gross operating profit of US$969 million at the end of last year, with Kansanshi copper and gold operation in Solwezi contributing $610 million.
FQM president president, Clive Newall announced the profits in a media release of the company’s operational and financial results for the three months and year ended December 31, 2009.
The US$969.1million profit is up from the US$743million the FQM group recorded in 2008, while Kansanshi’s profit is down from US$664.2million it posted the previous year. Bwana Mkubwa had no production in 2009.
Mr Newall said the Bwana Mkubwa operation, which has since begun processing ore from the Lonshi (Democratic Republic of Congo- DRC) oxide stockpile, remained on care and maintenance last year.
“The Bwana Mkubwa copper SX/EW plant was restarted in January 2010 to process the stockpiled ore from the depleted Lonshi open pit mine. Grade ‘A’ copper cathode production at an average rate of 800 tonnes of copper cathode per month is expected to continue until the end of 2010,” he said.
He also announced that Kansanshi now had three distinct fully operational processing route, which caters for oxide/leach, mixed float and sulphide feeds, and would continue to be optimised and enhance metallurgical recoveries.
“Gold production is expected to improve as a result of the commissioning of additional gravity concentrators in early 2010. New AC powered mining equipment will be commissioned with the objective of reducing unit costs and improving fleet reliability,” he said.
The fourth quarter highlights included record quarterly and yearly copper production on successful plant expansions at Kansanshi and Guelb Moghrein (Mauritania) and 58 per cent increase in gold production to record levels at the two mines.
Mr Newall said the other highlight was the announcements to acquire the Ravensthorpe nickel operation in Australia for US$340 million and Kiwara PLC, which hold prospecting licences in Zambia, for approximately US$260.2 million.
“An intensive drilling programme is planned in 2010 for the Kalumbila exploration project in Zambia, which was acquired with Kiwara PLC and additional drilling programmes have been initiated in Zambia, Finland and the DRC,” he said.
And Mr Newall said FQM was involved in discussions with the Zambian Government to find an alternative solution to arbitration or litigation to fully resolve all outstanding matters in relation to the tax changes it argues were introduced in conflict with the development agreements.