First Quantum Minerals Provides an Update on its Zambian Operations
September 14 2017 - 9:40PM
PR Newswire (US)
(In United States dollars, except where noted
otherwise)
TORONTO, Sept. 14, 2017 /PRNewswire/ - First Quantum
Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol
"FM") today provided the following update on its Kansanshi
complex and Sentinel mine in Zambia:
- The four-week scheduled maintenance of the Kansanshi smelter
was completed within the planned time period. The staged
restart and ramp-up process was initiated on September 12; steady-state operations are
expected during the week beginning September
18, 2017.
- Unrestricted power is now being provided to the Company's
operations.
- An agreement has been reached between ZESCO (the state-run
power company), the Government of the Republic of Zambia and First Quantum whereby:
-
- First Quantum agrees to a tariff increase, to approximately
$0.09 per kilowatt hour, provided
that Kansanshi and Sentinel can each import a portion of their
total power requirements from alternative suppliers.
- The tariff increase will be implemented in two increments, with
the first commencing immediately and the second being applied once
the details of power import arrangements are agreed and formalized
by contract.
- The tariff will be reviewed upon finalization of a Cost of
Service Study which has been commissioned by the Energy Regulation
Board. The study is expected to be available in early 2018.
- The tariff is backdated to January
2017, with a portion of the arrears to be applied to
improving the stability of power supplies for Kansanshi and
Sentinel.
- The Government and ZESCO have committed to provide continuous
unrestricted supply of power to First Quantum's operations and to
facilitate the importation of power from alternative suppliers.
- Through management action, budgeted production at the
Kansanshi and Sentinel mines have been maintained for the quarter
to date.
On Behalf of the Board of Directors of First Quantum Minerals
Ltd.
G. Clive
Newall
President
SOURCE First Quantum Minerals Ltd.
Copyright 2017 PR Newswire
First Quantum Minerals (TSX:FM)
Historical Stock Chart
From Aug 2024 to Sep 2024
First Quantum Minerals (TSX:FM)
Historical Stock Chart
From Sep 2023 to Sep 2024