Message Mer 30 Jan 2013 08:16

First Quantum Asks Zambia to Cut Copper-Concentrate Export

First Quantum Minerals Limited : First Quantum Asks Zambia to Cut Copper-Concentrate Export Duty -Report
01/30/2013| 12:50am US/Eastern

By Nicholas Bariyo


First Quantum Minerals Ltd. (FM.T) Wednesday called on Zambia to lift export levies on copper concentrates, according to a report in the Times of Zambia newspaper.

First Quantum Minerals-owned Kansanshi Copper Mines is sitting on $100 million worth of concentrate it can't have processed because of a backlog at smelters, the report said. Zambia's largest copper producer has 60,000 metric tons of unprocessed concentrate that can't be turned into copper cathode because the country's smelters are jammed, First Quantum Minerals Director of Operations Matt Pascall is quoted in the state-owned daily report.

"The smelters on the Copperbelt are [full] and we can't export this...because it will attract a 10% duty and that makes it more expensive," Mr. Pascall was quoted as saying.

The company relies on other smelters because it hasn't commissioned its own 300,000 tons-a-year plant.

A government spokesman couldn't immediately be reached for comment.

Newspaper website www.times.co.zm