First Quantum Mining News

Vedanta, KCM seek urgent Zambia talks, court appoints liquidator

The news has rattled foreign investors already nervous governments in central African countries are seeking a much bigger share of resource revenues.

A million tonnes of copper is on the way: it may not be enough

Giant mines currently under construction will churn out an additional one million tonnes of copper through 2023, but that won’t be enough.

First Quantum plans $327m expansion of giant copper mine in Panama

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.

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.

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.

Acquiring or selling: Mining leaders talk about their 2019 plans

From dealing with debt to dividends, to corporate-level acquisitions and asset sales, no one plans to stay still.

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.

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.

Zambia aiming for power prices that reflect costs by end 2018

The new measure will affect global mining firms including First Quantum Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which currently pay a flat rate of 9.30 cents/kWh.

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.

Pebble developer craters after copper giant pulls out

Northern Dynasty stock drops 32% after pact with First Quantum to build giant Alaska copper-gold mine collapses.

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.

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.

First Quantum confirms $7.9bn Zambian tax assessment

Shares of First Quantum fell as much as 13 percent in Toronto and were down 12 percent when the stock was halted ahead of the statement.

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.

Miners who made Harvard's best-performing CEO list

African gold miner comes out on top.

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 mining industry says new rules to scare investors, deter local processing

The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.

Zambia to slash royalties, reinstate mining tax

The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.

Zambia sells stake in state-owned copper miner

The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.

Zambia mulls cutting mining royalties even further

Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.