Kansanshi Copper output up 7 p.c.
Published On May 3, 2016 » 1695 Views» By Bennet Simbeye » Business, Stories
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By JUDITH NAMUTOWE –

COPPER production at First Quantum Minerals (FQM)-owned Kansanshi Mine increased by seven per cent during the first quarter of 2016.
FQM increased output at the Kansanshi smelter by seven per cent over the fourth quarter of 2015 and achieved an average copper recovery of 98 per cent.
This is according to the FQM statement of the first quarter of 2016 results accessed by the Times of Zambia in Lusaka yesterday.
According to the statement, the mine achieved the highest quarterly copper production and sales for its continuing operations of 119,287 tonnes and 131,267 tonnes, respectively.
Company chief executive officer Philip Pascall stated that it was a strong start to the year for every aspect of the company.
He said the momentum generated in 2015 with the excellent performance of the Kansanshi copper smelter, successful cost savings and expenditure programmes, continued into 2016.
“For four successive quarters, our mines have delivered progressively higher copper output and lower unit cost of production,” Mr Pascall said.
On the corporate development front, Mr Pascall said the agreed sale of Kevitsa was a major step towards the mine’s objective of further strengthening the balance sheet.
“Company-wide, we remain vigilant on cost savings and cash outlays and to opportunities to maximise profitability and cash flow.
The delisting of our common shares from the London Stock Exchange (LME) was a natural consequence.
After 15 years of being on the exchange, the trading volume has remained very low and as such, the significant associated cost and administration required maintaining the listing cannot be justified.
And as previously disclosed on March 10, 2016, the Company and Boliden entered into a share purchase agreement for the Kevitsa mine for cash consideration of US$712 million subject to requisite competition approvals and other typical closing conditions.
All required competition authority approvals have now been received and the transaction was expected to close by June 1, 2016.

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