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FIRST QUANTUM TO SPEND $650M ON KANSANSHI MINE EXPANSION

FIRST Quantum Minerals Ltd (FQM) said has announced plans to expand operations at the Kansanshi mine in Northwestern Province, Africa’s biggest copper mine.

In a technical report released yesterday, FQM said it plans to expand the sulphide ore processing facility at the Kansanshi mine by 25 million tonnes per annum (mtpa), which will boost annual throughout to 52 mtpa.

The Company expects to spend nearly US$650 million for the expansion in about two years, starting in the second half of 2023. This expansion plan will continue to be further refined before project approval is sought, the company added.

According to Reuters, the Company earlier in January reported that it would put an investment of around US$1 billion to lift output at the Kansanshi copper mine, despite a feud with state miner ZCCM-IH over project funding.

“This plan assumes a 25 million tonnes per annum (Mtpa) expansion of the sulphide ore processing facility and associated increase in mining capacity, increasing annual throughout to 52 Mtpa,” FQM said.

It further said the timing of capital expenditure for the S3 Expansion is proposed for 2023/24 and commissioning envisaged in late 2024.

“This timing could be accelerated or delayed depending on capital availability, commodity prices and the Zambian fiscal regime,” it added.

Mineral Resources at Kansanshi are now estimated at 939.6Mt at 0.67 percent TCu including Mineral Reserves, excluding stockpiles of 842.7Mt at 0.64 percent TCu.

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Written by Felix Nkinke

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