First Quantum May Spend $900 Million aboard Zambia

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05/12/2011

First Quantum Minerals Ltd.s Kansanshi Mining Plc, which operates Africas largest copper mine in Zambia, might invest about $900 million growing production more than the afterward threetofour years as costs ascend. The quantity consists of a $370 million expansion underway to increase output to 400,000 metric tons by 2015 from an estimated 259,000 tons this annual, Sean Whittome, Kansanshis typical manager, stated these days in an interview in the website close to Solwezi within the countrys northwest. A suggestion to construct a smelter at a cost of about $500 million might go ahead the companys embark in October, he stated.

Initial Quantum plans to invest about $1 billion making a bomb by its Trident project at Kalumbila, west of Kansanshi on the countrys socalled copperbelt, the richest source for the metal in Zambia, which namely Africas largest producer. Rivals which includes Vedanta Resources Plcs Konkola Copper Mines and Glencore International Plcs Mopani mine are too amplifying output as amounts for the metal, secondhand in wiring and pipes, acquisitions. Copper gained 36 percent in London within the past year as China, the greatest copper client, lead elevated claim from eastern nations. Zambia plans to additional than twice creation to two million tons of copper at 2015. Rising output in Zambia, for nicely as the U.S., Chile and Canada ambition most likely increase global output 8 percentage through 2013 replica u boat watches, Patricia Mohr, a commodity mall professional at Scotia Capital, stated on June 8. Paying as Processing The intended smelter might procedure about 1.two million tons of condense, yielding about 400,000 tons of copper, Whittome stated. Kasanshi presently pays rivals to procedure some of its concentrate. Kansanshi, purchased by Initial Quantum from Phelps Dodge ten years ago, is act offensive reconnaissance namely will promising certify the mine tin create for much more than 20 years, compared using the present projection of 13 years, mine manager Meiring Burger told journalists in the website these days. The enterprise is utilizing 18 drill rigs, he stated. By the finish of subsequent year, there will most likely be considerably much more that 20 years replica rolex watches, Burger told reporters. Zambias stateowned ZCCM Investment Holdings owns 20 percent of Kasanshi, which also produces gold, and Initial Quantum the repose.