First Quantum Minerals Mining News

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.

IMF in favour of Zambia mining tax changes

But the fund warned that only further tightening of fiscal and monetary polices would contain the country's large deficits.

Zambia eases tax rules, to start refund talks on a ‘company-by-company basis’

The new rules only apply to future payments and not amounts already owed.

Zambia’s new leader to keep polemic mining tax

Newly elected President Edgar Lungu wants to keep mining royalties at 20%, as opposed to the 6% companies were paying a month ago.

Most copper producers in Zambia losing money — Chamber of Mines

The situation may soon change, as authorities have began talks with the country’s top miners, signalling the possibility of a compromise over the country’s new tax regime.

Freeport, Glencore lead stocks bloodbath driven by copper collapse

Copper tumbled Wednesday to fresh six-year lows, dipping below $5,500 a tonne. Stocks in miners of the industrial metal are getting hammered.

First Quantum kicks off operations at Zambian copper mine

Despite the government announcement Tuesday that it will push ahead with plans to more than triple mining royalties.

Zambia won’t reverse mining royalty hike

Move will leave up to 12,000 jobless and it is likely to sour the already fractious relationship between the government and mining companies.

Zambia launches major overhaul of mining tax, increases royalties

Underground mining royalties will go up from 6% to 8%; underground taxes now 20%.

Zambia tells Glencore mine closure, lay-offs ‘illegal’

Zambia’s mines minister says the company has not officially communicated the government its intentions as required under the country's law.

Glencore now idles zinc mine in Zambia over tax refund row

The company is cutting 169 jobs at the mine.

Glencore halts copper projects in Zambia over tax row

The standoff marks a major setback for the miner, which is in the process of upgrading its copper assets in Zambia hoping to increase output by at least 50% by 2017.

Zambian chamber urges gov't to speed up tax refunds for miners

The business group argues the sector must be nurtured to generate the revenues needed for the country’s economic diversification.

Zambia removes tax rules on copper exports, makes refunds easier

Rule requiring exporters to produce import certificates from destination countries in order to claim tax refunds will be waived beginning Sept. 8.

Zambia to ease tax rules on copper exports

Good news for the country's copper miners that have been seeking more than $600 million in unpaid tax refunds.

First Quantum to buy Lumina Copper for $470M

Acquirer is down.

Zambia miners can’t afford 29% power price hike — chamber

Mining companies in Zambia use about 68% of the country’s electricity, while less than a quarter of the population has access to it.

First Quantum turning Cobre Panama into true copper giant

Vancouver miner ups output at Central American project 20% to 320,000 tonnes copper a year as it overhauls construction plans for $6.4 billion mine acquired last year.