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FQM launches $1bn Trident Mine
FIRST QUANTUM Minerals (FQM) has launched a US$1 billion (about K5 trillion) Trident Mine in Solwezi in North-Western Province which will become Zambia’s largest single mine with production capacity of 300,000 tonnes of copper per year.
The new mine would give birth to an equally new town with an airport, smelter and a Multi-Facility Economic Zone (MFEZ) besides creating 2,000 jobs in the mines. Construction will start at the end of this year.
The mine which should start copper production in 2014, would be located at Kalumbila in Solwezi district to trigger development for Zambia’s western corridor and connect the western part of the country to neighbouring Angola, Botwana and Namibia.
FQM president Clive Newall said in Lusaka yesterday that Trident project was a indication of his company’s commitment to long-term investment and also contribute the continued economic growth of the country.
He said FQM, which also operates Kansanshi Mine in Solwezi, had already started a project of training locals at Kalimbila so they could take up jobs at the mine once it begins operations.
The new mine is expected to spur development of infrastructure in various sectors such as energy, which will translate into electricity generation and transmission and also accelerate the rural electrification programme.
“FQM, the world’s 10th largest copper producers today unveil a $1 billion investment to develop a new large-scale mine, Trident in North Western Province, our new Copperbelt,” Mr Newall said.
He explained the mine would receive an initial capital investment of $600 million to start up works including the construction of the modern smelter to be stationed in Solwezi town.
The smelter would have the capacity to produce one million tonnes of copper per year with the other $400 million set to be spent into future upgrade to the mine.
He said FQM had through Kansanshi Mine proven its ability to develop projects in short timeframe to the benefit of its stakeholders including the Zambian people and the Government through Zambia Consolidated Copper Mines-Investment Holding (ZCCM-IH).
He said the same discipline that guided the development of Kansanshi would also foster the development of Trident, whose operation would consist of Sentinel, Enterprise and Intrepid (the process from developing a Brownfield to a copper producer.)
“This investment is another endorsement of the Zambian Government proactive policy to create attractive investment climate for capital investment and the fruits are the country’s strong economic performance,” Newall said.
And Trident Project Leader Matt Pascall said the success story at Kansanshi had created an opportunity for reinvestment into a large mine like Trident, which would be the third large scale mine in North-western Province.
“Trident would add to the emergence of North-Western Province as a centre of growth and development in Zambia and the region,” he said.
Trident is located equidistant from three key southern border posts of Chirundu, Katima Mulilo and Kazungula and this would create a trigger-point for development of the western corridor of Zambia.