First Quantum expanding Zambian copper mine by 60%

First Quantum Minerals (TSE:FM) is expanding its Kansanshi copper mine in Zambia.

The company announced Wednesday that annual copper production will increase by 60% to 400,000 metric tons by the end of 2014, from its current 250,000 t/a, Fox Business News reported:

Kansanshi is the world’s eighth largest copper mine and 80% owned by Kansanshi Mining PLC, a First Quantum subsidiary. The remaining 20% is owned by a subsidiary of ZCCM Investment Holdings PLC (ZCCM.ZM).

The first phase of this increase relates to the expansion of the oxide/leach facilities, which will be undertaken in two stages.

Read more at Fox Business News