First Quantum Mining News

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.

It’s official: Zambia scales back mining royalties to 9%

The announced changes will be effective on July 1, once parliament has approved them.

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.

Zambia goes after First Quantum over layoffs

Government claims it was not notified according to the law.

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.

Copper sector needs nine Escondida mines over next decade to meet global demand: Rio Tinto

The miner believes that while the market is oversupplied now it will tighten from 2018.