First Quantum Minerals Mining News

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.

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%.