Zambia's state power company reduced electricity supply to two First Quantum copper mines because the mining firm had failed to pay the new flat electricity tariff.
First Quantum Minerals Ltd Mining News
The miner is now looking for new projects that will allow it to return more than 30% average value to shareholders, president Clive Newall said.
The temporary measure is due to a labour dispute with some of its construction workers, said the firm.
Zambian fiscal regime highly uncertain.
First Quantum subsidiary Minera Panama’s $6.4 billion Cobre Panama copper-gold-silver mine is located next to Petaquilla’s Molejon gold mine, which has triggered lengthy disputes in the past.
The bourse is expected to grow the $8 billion fine jewellery retail business in Latin America to more than $10 billion in the next two years.
The country has identified 50 billion pounds of copper reserves, 12 million ounces of gold, 25,000 ounces of silver and 250 tons of molybdenum.
The dam is key for the supply of water to the company’s Sentinel copper mine and the planned Enterprise nickel project.
The new merged company projects a 1.3 million tonnes of copper output per year by 2018.
The Vancouver-based miner extended the offer after coming up just short of acquiring two thirds of Inmet.
Its cash-and-stock offer for Inmet expires late Monday night, unless extended.
They have reached a preliminary $150 million commercial agreement over land rights near the $6.2 billion Cobre Panama copper project.
Panama's Supreme Court backed Petaquilla's exploration and extraction rights in five areas of Panama's Donoso District.
The country’s Supreme Court ruled against Inmet's land rights claims near Petaquilla’s concessions.
Haywood Securities mining analyst, Kerry Smith, says the Vancouver-based miner already has "a lot on its plate."
First Quantum said Inmet is trying to sabotage the takeover, while Inmet suggested its counterpart’s complaints were dishonest.
Inmet's largest shareholder in favour of a deal.
If successful, the deal will be the biggest hostile mining bid since BHP Billiton failed $40bn offer for Potash Corp. of Saskatchewan in 2010.
Zincore announces strategic partnership with First Quantum Minerals to accelerate work on copper and zinc projects
Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore" or the "Company") is pleased to report that it has entered into a strategic partnership with First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) ("First Quantum") Under the terms of a binding Memorandum of Understanding ("MOU"), First Quantum's wholly-owned subsidiary, FQM (Peru) Ltd will make a strategic investment in Zincore via private placement for 19,113,874 common shares at $0.20 per share (the "Private Placement") and fund the advancement of Zincore's Dolores copper porphyry project through exploration and, if warranted, development and production. The Dolores project is located in the prolific Yauri-Andahuaylas Copper District of southern Peru, approximately 40 kilometres from the Haquira deposit, which First Quantum is currently developing.
A lower copper price and a strike at its Kansanshi mine in Zambia has bit into the bottom line at Africa-focused base metals producer First Quantum Minerals.
First Quantum Minerals Provides Mineral Resource and Reserve Estimates for Its Sentinel Copper Project, Zambia
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today issued the mineral resource and reserve estimates for its Sentinel copper project in Zambia. The project is part of the Trident project that is located approximately 150 kilometres west of the Company's flagship Kansanshi mine.
More trouble is looming on the horizon for First Quantum Minerals and other companies operating in Zambia.
Zambia Daily Mail reports that workers at the Kansanshi copper mine have gone on strike.
First Quantum on Friday confirmed it restarted operations at its Kansanshi copper mine in Zambia, after a strike curbed output for two days this week.
First Quantum Minerals, the Vancouver-based copper miner embroiled in a dispute with the Congolese government over expropriation of one of its key assets, has sold its mines in the Central African country.