SOLWEZI, ZAMBIA – First Quantum Minerals Chief Executive, Tristan Pascall, has been on the ground at Kansanshi to personally inspect the progress the company is making with its S3 expansion project. Of a total investment commitment of US$1.25 billion, the majority of this is being spent this year to ensure the entire project is completed by mid-2025.
The S3 expansion entails an expansion of the mine pit and the mining fleet that services it, as well as the construction of a new processing plant, and a major expansion of the Kansanshi smelter. The result will be to extend Kansanshi’s mine life as a world class asset into the 2040s, increase copper production to more than 200,000 tonnes a year while continuing to drive economic development and jobs in Zambia.
To ensure continuation of the S3 expansion in the face of disruption to its Cobre Panama mine in Panama, First Quantum has recently raised US$3.3 billion as part of a comprehensive refinancing package and a copper pre-payment arrangement. The company has also extended its debt facilities through to mid-2027, providing the pathway to deliver on its commitment to Zambia with the S3 expansion.
Commenting after his site inspection, Mr Tristan Pascall, said he was pleased to see the level of progress on the ground at Kansanshi.
“It’s great to be at Kansanshi, and to see that the S3 development work is progressing on the ground according to plan. Kansanshi – and Zambia, in general – has been the mainstay of our mining activity for the last twenty years, and will be just as important to us for the next twenty. We’ve had to adapt ourselves to unforeseen circumstances over the last few months, but we’ve met challenges before, always finding a way through and coming out stronger. Completing the S3 expansion on schedule is a priority for us, and the actions we have taken recently puts us in a strong position to do just that. I look forward to my next visit here, to see this project through to its completion.”
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About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2023, First Quantum globally produced 707,678 tonnes of copper, 226,885 ounces of gold and 26,252 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi and the Sentinel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/
Source: Langmead & Baker