First Quantum (suite)

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Inscription: Dim 30 Aoû 2009 21:22

Message Sam 28 Aoû 2010 18:00

First Quantum (suite)

First Quantum 'relieved' of two more Congo copper mines

First Quantum has been given 24 hours to withdraw from its Frontier and Lonshi properties in the DRC, following the Kolwezi tailings debacle.
Author: Barry Sergeant
Posted: Friday , 27 Aug 2010
RELATED STORIES
Can mineral riches outweigh DRC investment risks?
First Quantum vs. The Grim Reapers
DRC liquidator moves in on First Quantum copper/cobalt project
DRC begins proceedings to liquidate First Quantum project

JOHANNESBURG -

Sodimico, an entity based in Lubumbashi, capital of Katanga Province, on 25 August addressed letters to Comisa and Frontier, two properties in the copperbelt held by Toronto- and London-listed First Quantum, one of the world's biggest copper miners. The letters, which have been authenticated by a DRC official familiar with the correspondence, give notice of 24 hours for First Quantum to withdraw from Comisa (known as Lonshi) and Frontier.

During the preceding week, an international tribunal preparing to hear a dispute over First Quantum's Kolwezi tailings, known as KMT, issued an order prohibiting the DRC government, and/or one of its parastatals, Gécamines, from transfer, or allowing the transfer, of KMT.

The next day, on Friday, London-listed ENRC, one of the world's top 20 miners by market value, announced the USD 175m acquisition of control of a batch of copper-cobalt assets in the DRC, including 70% of KMT

A second order prohibited the DRC and Gécamines from taking any action to enforce a 10 March 2010 judgment of the Appeal Court of Kinshasa, following which First Quantum and KMT were ordered to pay damages totalling more than USD 12bn to Gécamines, the Mining Registry (CAMI), and the DRC. On this score, the Tribunal's orders "are to remain in place until such time as the Tribunal has made a decision on the claimants' request for interim measures".

Separately, First Quantum, through its DRC subsidiary Frontier SPRL, had received a letter dated 5 August 2010 from CAMI, purporting to withdraw the exploitation permit from the Frontier mine. Here, First Quantum believes that "any purported withdrawal of the Frontier permit is contrary to the Mining Code and DRC law, and was initiated against First Quantum in connection with the commencement of arbitration relating to the Kolwezi Project".

Frontier's operations continued unaffected, employing some 1,500 workers. Frontier ranked as the largest tax payer in the DRC in 2009.

On 8 March, First Quantum, Comisa and Frontier were served notices of a case introduced by Sodimico against the DRC before the DRC Supreme Court of Justice. Sodimico requested the cancellation of a February 2000 letter from the-then Minister of Mines, which Sodimico alleged wrongfully withdrew mining titles belonging to Sodimico.

The Supreme Court delivered a judgment purporting to restore certain mineral rights to Sodimico; First Quantum reacted by stating that "these purported mineral rights now conflict with mineral rights held by Frontier SPRL and Comisa SPRL. The conclusions of the Supreme Court are impossible to reconcile with the known history of the mineral rights in question".

Mining at Lonshi has pretty much wound up as the open pit resources were mined out, but First Quantum warned that an adverse final judgment on Frontier remained uncertain, "and may result in an impairment of the company's carrying value of Frontier which could be material". First Quantum recently announced a USD 689m impairment related to KMT.

Selected DRC/Zambia stocks







Copper-cobalt


Stock


From


From


Value




price


high*


low*


USD bn

NFC


CNY 16.91


-7.4%


52.9%


1.589

First Quantum


CAD 58.58


-41.6%


21.5%


4.454

Katanga Mining**


CAD 1.09


-34.3%


105.7%


1.961

Equinox


CAD 4.44


-10.1%


72.1%


2.964

Metorex


ZAR 3.54


-33.9%


46.8%


0.361

Anvil**


CAD 2.81


-34.2%


19.6%


0.399

Mwana Africa


GBP 0.09


-48.7%


40.0%


0.069

Tiger Resources


AUD 0.22


-32.8%


95.5%


0.114

African Copper


GBP 0.04


-57.5%


9.7%


0.054

Africo**


CAD 0.97


-34.9%


38.6%


0.065

Caledonia


CAD 0.06


-40.0%


20.0%


0.028

African Eagle


GBP 0.04


-32.6%


14.8%


0.018

Geovic***


CAD 0.60


-38.1%


9.1%


0.059

El Nino Ventures


CAD 0.04


-80.0%


16.7%


0.002















Averages/total





-37.6%


40.2%


12.138

Weighted averages





-30.6%


47.0%




Gold stocks













Banro**


CAD 1.75


-48.1%


9.4%


0.286

AngloGold Ashanti


USD 42.84


-9.8%


25.6%


15.541

Randgold Resources


USD 90.90


-8.8%


62.7%


8.224

Mwana Africa


GBP 0.09


-48.7%


40.0%


0.069

Mexivada****


CAD 0.12


-79.1%


43.8%


0.005

Gilla Inc.


USD 0.03


-81.3%


114.3%


0.001

Diversified













Freeport-McMoRan


USD 67.11


-25.9%


18.3%


31.571

OM Group


USD 26.18


-33.0%


19.2%


0.808

Vedanta


GBP 18.51


-37.6%


14.5%


7.597

Lundin


CAD 4.17


-27.7%


43.3%


2.281

ENRC


GBP 8.50


-33.4%


9.5%


16.952

* 12-month ** DRC only *** Cameroon **** Congo-Brazzaville




Source: market data; table compiled by Barry Sergeant

First Quantum 'relieved' of two more Congo copper mines

First Quantum has been given 24 hours to withdraw from its Frontier and Lonshi properties in the DRC, following the Kolwezi tailings debacle.
Author: Barry Sergeant
Posted: Friday , 27 Aug 2010
RELATED STORIES
Can mineral riches outweigh DRC investment risks?
First Quantum vs. The Grim Reapers
DRC liquidator moves in on First Quantum copper/cobalt project
DRC begins proceedings to liquidate First Quantum project

JOHANNESBURG -

Sodimico, an entity based in Lubumbashi, capital of Katanga Province, on 25 August addressed letters to Comisa and Frontier, two properties in the copperbelt held by Toronto- and London-listed First Quantum, one of the world's biggest copper miners. The letters, which have been authenticated by a DRC official familiar with the correspondence, give notice of 24 hours for First Quantum to withdraw from Comisa (known as Lonshi) and Frontier.

During the preceding week, an international tribunal preparing to hear a dispute over First Quantum's Kolwezi tailings, known as KMT, issued an order prohibiting the DRC government, and/or one of its parastatals, Gécamines, from transfer, or allowing the transfer, of KMT.

The next day, on Friday, London-listed ENRC, one of the world's top 20 miners by market value, announced the USD 175m acquisition of control of a batch of copper-cobalt assets in the DRC, including 70% of KMT

A second order prohibited the DRC and Gécamines from taking any action to enforce a 10 March 2010 judgment of the Appeal Court of Kinshasa, following which First Quantum and KMT were ordered to pay damages totalling more than USD 12bn to Gécamines, the Mining Registry (CAMI), and the DRC. On this score, the Tribunal's orders "are to remain in place until such time as the Tribunal has made a decision on the claimants' request for interim measures".

Separately, First Quantum, through its DRC subsidiary Frontier SPRL, had received a letter dated 5 August 2010 from CAMI, purporting to withdraw the exploitation permit from the Frontier mine. Here, First Quantum believes that "any purported withdrawal of the Frontier permit is contrary to the Mining Code and DRC law, and was initiated against First Quantum in connection with the commencement of arbitration relating to the Kolwezi Project".

Frontier's operations continued unaffected, employing some 1,500 workers. Frontier ranked as the largest tax payer in the DRC in 2009.

On 8 March, First Quantum, Comisa and Frontier were served notices of a case introduced by Sodimico against the DRC before the DRC Supreme Court of Justice. Sodimico requested the cancellation of a February 2000 letter from the-then Minister of Mines, which Sodimico alleged wrongfully withdrew mining titles belonging to Sodimico.

The Supreme Court delivered a judgment purporting to restore certain mineral rights to Sodimico; First Quantum reacted by stating that "these purported mineral rights now conflict with mineral rights held by Frontier SPRL and Comisa SPRL. The conclusions of the Supreme Court are impossible to reconcile with the known history of the mineral rights in question".

Mining at Lonshi has pretty much wound up as the open pit resources were mined out, but First Quantum warned that an adverse final judgment on Frontier remained uncertain, "and may result in an impairment of the company's carrying value of Frontier which could be material". First Quantum recently announced a USD 689m impairment related to KMT.

Selected DRC/Zambia stocks







Copper-cobalt


Stock


From


From


Value




price


high*


low*


USD bn

NFC


CNY 16.91


-7.4%


52.9%


1.589

First Quantum


CAD 58.58


-41.6%


21.5%


4.454

Katanga Mining**


CAD 1.09


-34.3%


105.7%


1.961

Equinox


CAD 4.44


-10.1%


72.1%


2.964

Metorex


ZAR 3.54


-33.9%


46.8%


0.361

Anvil**


CAD 2.81


-34.2%


19.6%


0.399

Mwana Africa


GBP 0.09


-48.7%


40.0%


0.069

Tiger Resources


AUD 0.22


-32.8%


95.5%


0.114

African Copper


GBP 0.04


-57.5%


9.7%


0.054

Africo**


CAD 0.97


-34.9%


38.6%


0.065

Caledonia


CAD 0.06


-40.0%


20.0%


0.028

African Eagle


GBP 0.04


-32.6%


14.8%


0.018

Geovic***


CAD 0.60


-38.1%


9.1%


0.059

El Nino Ventures


CAD 0.04


-80.0%


16.7%


0.002















Averages/total





-37.6%


40.2%


12.138

Weighted averages





-30.6%


47.0%




Gold stocks













Banro**


CAD 1.75


-48.1%


9.4%


0.286

AngloGold Ashanti


USD 42.84


-9.8%


25.6%


15.541

Randgold Resources


USD 90.90


-8.8%


62.7%


8.224

Mwana Africa


GBP 0.09


-48.7%


40.0%


0.069

Mexivada****


CAD 0.12


-79.1%


43.8%


0.005

Gilla Inc.


USD 0.03


-81.3%


114.3%


0.001

Diversified













Freeport-McMoRan


USD 67.11


-25.9%


18.3%


31.571

OM Group


USD 26.18


-33.0%


19.2%


0.808

Vedanta


GBP 18.51


-37.6%


14.5%


7.597

Lundin


CAD 4.17


-27.7%


43.3%


2.281

ENRC


GBP 8.50


-33.4%


9.5%


16.952

* 12-month ** DRC only *** Cameroon **** Congo-Brazzaville




Source: market data; table compiled by Barry Sergeant
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bobded

Avatar de l’utilisateur

Messages: 2418

Inscription: Dim 30 Aoû 2009 21:22

Message Sam 28 Aoû 2010 18:02

désolé oublié le trad

First Quantum «soulagé» de deux autres mines de cuivre du Congo

First Quantum a été donné 24 heures pour retirer de ses frontières et les propriétés Lonshi en RDC, après la débâcle de Kolwezi résidus.
Auteur: Sergent Barry
Posté le: vendredi 27 août 2010
LIÉS STORIES
richesses minérales peut l'emporter sur les risques d'investissement en RDC?
First Quantum vs Grim Reapers
se déplace dans le liquidateur RDC First Quantum cuivre projet de cobalt /
RDC ouvre une procédure de liquidation First Quantum projet

JOHANNESBURG -

Sodimico, une entité basée à Lubumbashi, capitale de la province du Katanga, le 25 août adressé des lettres aux COMISA et Frontier, deux propriétés dans le Copperbelt, détenu par Toronto et cotée à Londres First Quantum, l'un des mineurs dans le monde plus de cuivre. Les lettres, qui ont été authentifiés par un fonctionnaire de la RDC familiariser avec la correspondance, donner un préavis de 24 heures pour First Quantum de se retirer de COMISA (connu sous le nom Lonshi) et Frontier.

Au cours de la semaine précédente, un tribunal international s'apprête à connaître d'un litige sur des résidus de Kolwezi First Quantum, connu sous le nom du KMT, a rendu une ordonnance interdisant au gouvernement de la RDC, et / ou l'un de ses organismes parapublics, la Gécamines, de transfert, ou de permettre le transfert, de KMT.

Le lendemain, le vendredi, cotée à Londres ENRC, l'un des top 20 mondial des mineurs par la capitalisation boursière, a annoncé l'USD 175m acquisition du contrôle d'un lot d'actifs de cuivre-cobalt en RDC, dont 70% de KMT

Une seconde commande a interdit la RDC et Gécamines de prendre des mesures pour faire respecter un 10 Mars 2010 arrêt de la Cour d'Appel de Kinshasa, suivant First Quantum et le KMT ont été condamnés à payer des dommages totalisant plus de 12 milliards USD à la Gécamines, le Cadastre Minier (CAMI ), et la RDC. A cet égard, les ordonnances du Tribunal "sont de rester en place jusqu'à ce que le Tribunal a rendu une décision sur la demande des demandeurs de mesures provisoires".

Par ailleurs, First Quantum, à travers sa filiale Frontier RDC SPRL, avait reçu une lettre datée du 5 août 2010 de la CAMI, visant à retirer le permis d'exploitation de la mine Frontier. Ici, First Quantum croit que «tout prétendu retrait de la carte frontalière est contraire au Code minier et le droit de la RDC, et a été ouverte contre First Quantum dans le cadre de l'entrée en vigueur de l'arbitrage relatif au projet de Kolwezi".

Frontier opérations n'ont pas été affectés, qui emploie quelque 1.500 travailleurs. Frontier classé comme étant le donneur d'ordre impôt la plus importante en RDC en 2009.

Le 8 Mars, First Quantum, COMISA et Frontier ont signifié des avis d'une affaire introduite par Sodimico contre la RDC devant la Cour suprême de justice en RDC. Sodimico demandé l'annulation d'un Février 2000 Lettre du-alors ministre des Mines, qui Sodimico présumé à tort retiré titres miniers appartenant à Sodimico.

La Cour suprême a rendu un arrêt visant à rétablir les droits de certains minerais de Sodimico, First Quantum a réagi en déclarant que «ces droits miniers prétendue maintenant en conflit avec les droits miniers détenus par Frontier SPRL et COMISA SPRL. Les conclusions de la Cour suprême sont impossibles à concilier avec l'histoire connue des droits miniers en question ».

Miniers, à Lonshi a pas mal de liquidation que les ressources à ciel ouvert ont été épuisés, mais First Quantum a averti qu'un jugement défavorable final sur la frontière restait incertain, et peut entraîner une altération de la valeur comptable de l'entreprise de Frontier, qui pourrait être important " . First Quantum a récemment annoncé un USD 689m dépréciation liée à l'KMT.

Certaines RDC / stocks Zambie







Cuivre-cobalt


Stock


À partir de


À partir de


Valeur




prix


haute *


faible *


milliards d'USD

NFC


CNY 16,91


-7,4%


52,9%


1,589

First Quantum


CAD 58.58


-41,6%


21,5%


4,454

Minière du Katanga **


CAD 1,09


-34,3%


105,7%


1,961

Équinoxe


CAD 4,44


-10,1%


72,1%


2,964

Metorex


ZAR 3,54


-33,9%


46,8%


0,361

Anvil **


CAD 2,81


-34,2%


19,6%


0,399

Mwana Africa


GBP 0,09


-48,7%


40,0%


0,069

Tiger Resources


AUD 0,22


-32,8%


95,5%


0,114

African Copper


GBP 0,04


-57,5%


9,7%


0,054

Africo **


CAD 0,97


-34,9%


38,6%


0,065

Calédonie


CAD 0,06


-40,0%


20,0%


0,028

African Eagle


GBP 0,04


-32,6%


14,8%


0,018

Geovic ***


CAD 0,60


-38,1%


9,1%


0,059

El Nino Ventures


CAD 0,04


-80,0%


16,7%


0,002















Moyennes / total





-37,6%


40,2%


12,138

Moyennes pondérées





-30,6%


47,0%




stocks d'or













Banro **


CAD 1,75


-48,1%


9,4%


0,286

AngloGold Ashanti


42,84 USD


-9,8%


25,6%


15,541

Randgold Resources


90,90 USD


-8,8%


62,7%


8,224

Mwana Africa


GBP 0,09


-48,7%


40,0%


0,069

Mexivada ****


CAD 0,12


-79,1%


43,8%


0,005

Gilla Inc


USD 0.03


-81,3%


114,3%


0,001

Diversifié













Freeport-McMoRan


67,11 USD


-25,9%


18,3%


31,571

OM Group


26,18 USD


-33,0%


19,2%


0,808

Vedanta


GBP 18,51


-37,6%


14,5%


7,597

Lundin


CAD 4,17


-27,7%


43,3%


2,281

ENRC


8,50 GBP


-33,4%


9,5%


16,952

* 12 mois ** RDC seulement *** **** Cameroun Congo-Brazzaville




Source: données du marché; tableau établi par Barry Sergeant

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