Poised to supply a global market that’s tipping into deficit gives First Quantum Minerals Ltd. a chance to prove its $10 billion investment was worth all the trouble.
First Quantum Minerals Mining News
Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.
The offers relate to the ministry's 17% holding in ZCCM-IH and a sale would be subject to cabinet approval.
Researchers are studying the unusual Las Cruces deposit in southwestern Spain.
The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.
The company's Cobre Panama is a large open-pit copper project 120 km (74.6 miles) west of Panama City and 20 km from the Caribbean Sea coast.
The Canadian miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they’ll be equally split between its Kansanshi and Sentinel mines.
Industrial metal prices tumble as President Xi's defiant speech intensifies trade war fears, offer little on economic stimulus or market reforms.
Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.
The country' Supreme Court ruled Monday that Law 9, used to grant the mining concession for Cobre Panama copper project, was unconstitutional.
The miner said it aims to ensure a level of cash flow for its $6.3 billion Cobre Panama project ahead of commercial production.
They are demanding hazard pay for subcontractors.
First Quantum will invest $1.5 million to advance exploration work at the Orquideas and Cascas assets in the first year, with the option of investing an additional $37 million over the course of the subsequent four years covered by the deal.
First Quantum said that Zambia's tax agency had demanded the taxes, saying they were on import duties, penalties and interest on consumables and spare parts.
Copper production will peak in the second half of 2019, making a growing supply deficit much more real.
A lack of returns to governments is drawing a backlash from Mali in the Sahara to Tanzania on the Indian Ocean.
Zambia Revenue Authority claims the company owes $2.1 billion in penalties and $5.7 billion in interest.
ZCCM-IH launched action in Oct 2016 to sue First Quantum over claims that the company borrowed $2.3bn from copper mining subsidiary without informing them.
Deal valued at $635 million.
Zambia's state power company made the decision amid an ongoing dispute over the implementation of new electricity tariffs in the country.
Cobre Panama project is now 50% complete and on track to produce 320,000 tonnes of copper in 2019, making the company one of the world’s top six producers of the red metal.
So far, copper prices have failed to react significantly to news of supply disruptions, remaining more responsive to news from China, the world’s largest consumer.
The Vancouver-based miner aims to produce 280,000 to 300,000 tonnes of the red metal a year, but commercial levels won't be reached until state power utility Zesco finish connecting the mine to the power grid.
Power restrictions could hit output of most copper mines operating in the country.
The government intends to set its mining royalties at 9% for both open-pit and underground mines.