FIRST QUANTUM MINERALS TO INVEST BILLIONS OF DOLLARS IN ZAMBIAN OPERATIONS

Canadian mining firm, First Quantum Minerals –FQM- has planned a 2.5 billion dollars investment in its Kansanshi stake in North-Western Zambia.

This is in addition to the already invested 1 billion dollars in the expansion of its copper operations.

The Zambian investment promotion agency, ZDA has disclosed that FQM plans to raise copper production at Kansanshi from the current 250,000 metric tonnes to 400,000 metric tonnes in the next 3 years.

This is in the backdrop of current copper production ranging 250,000 metric tonnes as well as 100,000 ounces of gold annually.

FQM President, Clive Newall has further disclosed that the 2.5 billion dollars investment is planned for up to 2015.

The Canadian company has recently announced positive profits as at end of the second quarter of this year, rebounding from loses a year-long.