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Mar 19 Oct 2010 14:56
FQM to spend US$800 million on sentinel deposit in NW Provin
By Chiwoyu Sinyangwe
Tue 19 Oct. 2010, 13:40 CAT [50 Reads, 0 Comment(s)]
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FIRST Quantum Minerals (FQM), the country’s biggest copper producer, is projecting to spend in the range of US $600 million to US $800 million as capital cost to develop its Sentinel deposit in North Western Province.
FQM which owns Kansanshi gold and copper mines announced that development of Sentinel deposit, formerly Kalumbila, was projected to begin in the second quarter of 2011. The Trident project comprises five prospecting licences totalling 2,300 square kilometres containing a number of attractive base metal prospects including the Sentinel deposit.
The Trident project, approximately 150 kilometres from Solwezi, was obtained through the acquisition of Kiwara Plc in February 2010.
Announcing the results, FQM stated that it would take two and a half year construction phase leading to production in 2014. FQM chairman and chief executive officer Philip Pascall expressed confidence that the mine development would move according to schedule.
“Based on drilling to date, we believe that this resource could be in the range of at least 300 million to 400 million tonnes at a headgrade in the range of 0.65 per cent to 0.80 per cent copper and as a result, the programme has been extended to cover a strike length of approximately 11.5 kilometres,” said Pascall.
“Assuming the results of further work are consistent with work to date, the potential exists for a larger resource. On this basis, we are carrying out an evaluation and permitting process for an operation based on an annual throughput rate of 25 million tonnes per annum. At present, based on our experience with other development projects, we expect the capital cost to develop, including the necessary infrastructure, could be in the range of US $600 million to US $800 million. Should the final resource estimate be closer to the upper end of our expectations, we may consider a larger operation. At this stage, both mining and processing conditions appear to be relatively straightforward, so again in comparison to other sulphide producing operations in the Copperbelt, we would expect the unit cash cost of production to be in the range of our Zambian operations.”
