possibility of listing on the Lusaka Stock Exchange

[bingogo]

FQM will be listing on Lusaka stock exchange ?

KANSANSHI Mining ?

Trident mining ?




North-West mining project launched
Saturday, April 30, 2011

From KATONGO CHISUPA in Solwezi

PRESIDENT Banda says the planned construction of the Sentinal Mine at the Trident project in Solwezi is a milestone in Government’s objective to fight poverty through increased investment in the economy.

The President was speaking at the ground-breaking ceremony project at Kalumbila in Solwezi yesterday.

“My Government is determined to reduce poverty and this can best be achieved through continuous investment and economic growth,” Mr Banda said.

The President said jobs could only be created when there is more investment.

Mr Banda said due to strong mining policies in the country, Zambia will be able to produce 1 million metric tonnes of copper per annum by 2015.

He said First Quantum Minerals, the owners of the mine, have continued to be an important development partner in the mining sector.

“I would like to assure you that Government will continue with the economic programme it has embarked upon to ensure that the majority get out of poverty,” he said.

Mr Banda emphasised that Government would ensure that Zambians benefit from the mines.

“However, the country needs to balance its needs with the needs of the investors so that they can continue investing in Zambia and creating more jobs,” he said.

Commenting on the conditions of service for Zambians in foreign-owned companies, Mr Banda said the best way to resolve issues was for the mines and employees to continually engage in dialogue.

“If investment is going to be meaningful for investors and employees, mutual goodwill is imperative,” he said.

President Banda said what happened at Kalumbila had sent a strong signal to international investors that Zambia is indeed the most preferred destination for capital investment.

He expressed optimism that the milestone would trigger an influx of new investments in other sectors of the economy.

Meanwhile, chairman and chief executive officer of First Quantum Minerals, Philip Pascal reiterated his company’s determination to ensure that the social economic benefits from Trident benefit Zambians as soon as possible.

“Today marks the beginning of putting the mortar and bricks in place for the Sentinel Mine which will contribute significantly to raise Zambia’s position as a focal capital investment hub,” he said.

Mr Pascal also announced that the company was exploring the possibility of listing on the Lusaka Stock Exchange to enhance access to the benefits of First Quantum Mine’s activities.

Trident is the latest addition to First Quantum’s operations in Zambia, where it owns Kansanshi mines with ZCCM-IH.

Mr Pascal said production at Sentinal was estimated at 25 million metric tonnes of ore which is expected to increase to 50 million metric tonnes to produce almost 300,000 tonnes of copper per year.

The one billion dollar project is expected to employ 2,000 Zambians in the next two years.

Mr Pascal also said First Quantum would construct a US$500 million copper smelter at Solwezi to treat the concentrates from both Kansanshi mine and Trident. The smelter will employ another 400 Zambians.

The groundbreaking ceremony was witnessed by cabinet ministers, deputy ministers, government officials, traditional leaders led by senior chief Musele in whose area Trident is located, and hundreds of local residents including former vice-president Enoch Kavindele.