First Quantum Minerals Mining News

Copper miner's $10B bet comes to life in Panama jungle

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 inks $2.7B refinancing deal

Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.

Zambia receives bids for stake in state mining investment arm

The offers relate to the ministry's 17% holding in ZCCM-IH and a sale would be subject to cabinet approval.

How microbes contribute to the formation of giant copper deposits

Researchers are studying the unusual Las Cruces deposit in southwestern Spain.

First Quantum calls off massive job cuts in Zambia

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.

Deep in a Panama rainforest, First Quantum bondholders spy prize

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.

First Quantum Minerals to let 2,500 workers in Zambia go over tax hikes

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.

Copper price falls despite China's promise of more 'economic miracles'

Industrial metal prices tumble as President Xi's defiant speech intensifies trade war fears, offer little on economic stimulus or market reforms.

Zambia says open to dialogue with miners over tax increases

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.

First Quantum, Panama Gov’t study ruling that casts doubts on giant copper mine

The country' Supreme Court ruled Monday that Law 9, used to grant the mining concession for Cobre Panama copper project, was unconstitutional.

First Quantum extends copper hedging, even as trade war clips prices

The miner said it aims to ensure a level of cash flow for its $6.3 billion Cobre Panama project ahead of commercial production.

Workers at First Quantum's mine in Spain go on strike

They are demanding hazard pay for subcontractors.

Lumina Gold, First Quantum ink deal to advance exploration in Ecuador

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.

Zambia concludes mine tax audits after slapping huge bill on First Quantum

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 supply crunch earlier than predicted — experts

Copper production will peak in the second half of 2019, making a growing supply deficit much more real.

As commodities roar, Africa wants bigger slice of mining pie

A lack of returns to governments is drawing a backlash from Mali in the Sahara to Tanzania on the Indian Ocean.

First Quantum dodges catastrophe as CEO moves to dispute tax bill

Zambia Revenue Authority claims the company owes $2.1 billion in penalties and $5.7 billion in interest.

Zambia court dismisses First Quantum bid to stop $1.4bn lawsuit

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.

First Quantum boosts Minera Panama stake to 90%

Deal valued at $635 million.

First Quantum mines in Zambia also affected by power supply cuts

Zambia's state power company made the decision amid an ongoing dispute over the implementation of new electricity tariffs in the country.

First Quantum to kick off massive $5.48bn copper mine in Panama in just months

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.

Copper leads fall in metal prices on China worries

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.

First Quantum begins production at $2.1bn Sentinel copper mine in Zambia

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.

Zambia power cuts feed copper supply worries, lift prices

Power restrictions could hit output of most copper mines operating in the country.

Zambia dumps mining royalty hike, settles at 9%

The government intends to set its mining royalties at 9% for both open-pit and underground mines.