{"id":22469,"date":"2022-05-10T19:39:21","date_gmt":"2022-05-10T19:39:21","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/first-quantum-minerals-approves-1-25-billion-mine-expansion-in-zambia"},"modified":"2022-05-10T20:02:48","modified_gmt":"2022-05-10T20:02:48","slug":"first-quantum-minerals-approves-1-25-billion-mine-expansion-in-zambia","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/first-quantum-minerals-approves-1-25-billion-mine-expansion-in-zambia","title":{"rendered":"First Quantum Minerals approves $1.25 billion mine expansion in Zambia"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Reuters and Financial Times of London report that First Quantum Minerals said on Sunday that its board has approved plans for a $1.25 billion expansion of the company\u2019s Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by \u201crenewed confidence\u201d in Zambia\u2019s investment climate.<\/p>\n

Since President Hakainde Hichilema\u2019s election last August, Zambia has implemented business-friendly reforms including allowing mining companies to deduct mineral royalties from their income tax assessments.<\/p>\n

First Quantum pointed to that reform in particular as key to unlocking approval for the Kansanshi expansion, saying it \u201crealigned Zambia with international best practice.\u201d<\/p>\n

FQM also said it approved a further $100 million investment in its Enterprise nickel project in Zambia, which it expects to start producing in 2023, ramping up to annual production of 30,000 tonnes of nickel in concentrate.<\/p>\n

FQM said the $1.35 billion package overall represents the largest investment in Zambia since its Sentinel project was approved in 2012. FQM and the government have also reached an agreement on outstanding value-added tax repayments owed to it and an approach for repayments based on offsets against future mining taxes and royalties, the company said.<\/p>\n

The announcement came just ahead of the Mining Indaba conference in Cape Town where Hichilema was set to speak today, aiming to draw new investment into the country\u2019s mining sector.<\/p>\n

Africa\u2019s second-biggest copper producer, Zambia aims to increase production to 3 million tonnes of copper a year within the next decade. The country produced 800,696 tonnes of copper in 2021.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Reuters and Financial Times of London report that First Quantum Minerals said on Sunday that its board has approved plans for a $1.25 billion expansion of the company\u2019s Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by \u201crenewed confidence\u201d in Zambia\u2019s investment climate. 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