According to the company, initial planning for the resumption of operations at Ravensthorpe has begun.
First Quantum Minerals Mining News
The project is on track to deliver between 140,000 and 175,000 tonnes in 2019.
While the adjusted per-share earnings beat the average analyst estimate, revenue came in lower than expected and copper production fell 5.8% from a year earlier.
The move comes after completing an initial surface evaluation on its Eboshi, Kobui, Minamikayabe and Kamitsue lithocap projects in Japan.
The Canadian miner plans to expand Cobre Panama, located about 120 km west of Panama City, and 20 km from the Atlantic coast, from 85 million tonnes per year to 100Mtpy beginning in 2023.
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.
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.