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Jeu 8 Sep 2011 21:37
First Quantum lines up $1 bln in financing: source
By Julie Crust
LONDON (Reuters) - First Quantum Minerals is close to securing about $1 billion in financing to expand its Zambian copper operations, a source familiar with the details said on Thursday.
The miner has an 80 percent stake in the Kansanshi mine in Zambia, the world's eighth-largest copper mine, and also produces copper and gold from the Guelb Moghrein mine in Mauritania.
Kansanshi produced about 230,000 tonnes of copper and more than 100,000 ounces of gold in 2010. First Quantum is looking to raise output capacity there from 250,000 tonnes to about 400,000 tonnes a year by the end of 2014.
The expansion will be carried out in two parts with the first stage expected to lift production capacity to about 285,000 tonnes a year.
A spokesman for the miner declined comment.
First Quantum President Clive Newall told Reuters on August 22 the company was planning investments in Zambia of up to $2.5 billion over the next four years on top of $1 billion already invested.
The miner swung back to a profit in the second quarter from a year-ago loss, but came in short of some analysts' forecasts after a drop in production.
Copper prices have fallen back to around $9,100 a tonne after hitting a record $10,190 a tonne in February.
Still, some analysts say robust Asian demand and a threat to supplies will keep copper price falls relatively modest over the next few months, regardless of the volatility that has whipped global financial markets on rising fears of a recession in Western nations.
