- Write by:
-
Thursday, February 18, 2021 - 12:26:50 PM
-
585 Visit
-
Print
Mining News Pro - First Quantum Minerals sees no risk of nationalization in Zambia following the sale last month of Mopani Copper Mines to the country`s mining investment arm ZCCM-IH, the Canadian miner`s chief operating officer, Tristan Pascall, said on Wednesday.
“We don’t see any contagion or any element or risk in that more broadly in Zambia," he said on a call.
Zambia became Africa`s first pandemic-era sovereign default in November, but ZCCM-IH in January agreed to take on $1.5-billion in debt for Glencore`s Mopani stake, making it the sole owner of the mine.
ZCCM-IH has said it expects to find a new investor for Mopani by the end of the year as it looks to boost copper output from a little more than 34 000 tonnes to 150 000 tonnes.
First Quantum, which previously held 16.9% of Mopani, operates the Kansanshi and Sentinel mines in the country.
The miner aims to resolve talks with the Zambian government over expansion of the smelter at Kansanshi before August elections, Pascall said. First Quantum wants a deal that allows it to deduct royalties from costs, he said.
He said efforts to sell minority stakes in the Zambia mines continue, but the company has to take rising copper prices into account.
"That`s the challenge for copper producers looking to embark in M&A," he said.
Short Link:
https://www.miningnews.ir/En/News/611494
The shutdown of a major First Quantum mine in Panama has reinforced downward pressure on the country’s ‘BBB-‘ rating and ...
Mining News Pro - The Panamanian unit of Canada’s First Quantum Minerals and a workers union at the company’s key copper ...
Mining News Pro - For the big miners, nickel is supposed to be a bright spot — a crucial battery metal that will help ...
Mining News Pro - Glencore Plc reported a steep drop in first-half profit and slashed returns to its shareholders as ...
Mining News Pro - Some of the world’s biggest mining companies are working with South Africa’s government on a 27 ...
Mining News Pro - Zambia is close to resolving a dispute with Vedanta Resources over its Konkola Copper Mines, with a ...
Mining News Pro - Glencore’s hostile bid for Teck Resources has galvanized some Canadian institutional investors, who ...
Mining News Pro - Glencore’s investors should vote against the global miner and trader’s climate progress report and in ...
Mining News Pro - Investors pushing for more transparency on miner Glencore’s thermal coal production said its decision ...
No comments have been posted yet ...