Union drops strike at First Quantum mine in Zambia

Workers at First Quantum Minerals’ Zambian copper/gold mine resumed work this morning after the country’s minister of labour intervened to end the two-day wage strike.

Yesterday, the company had announced that it was suspending production at its 80%-owned Kansanshi mine due to the labour dispute.

“Every effort is being made to understand and resolve the issues behind the dispute and we will keep our stakeholders informed of developments as warranted,” commented Philip Pascall, First Quantum’s Chairman and CEO.

It has been a day full of good news for First Quantum. The company announced that it has reached an agreement with Eurasian Natural Resources Corporation PLC (“ENRC”) to dispose of its residual claims and assets in respect of the Kolwezi Tailings project, and the Frontier and Lonshi mines and related exploration interests. All of them are located in the Katanga Province of the Democratic Republic of Congo (“DRC”). First Quantum will settle all current legal matters relating to these interests for a total consideration of US$1.25 billion.

Pascall said that the agreement brings to a close First Quantum’s current involvement in the DRC and secures substantial compensation for its shareholders for the loss they have suffered.

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