|By Marketwired .||
|December 12, 2012 02:50 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/12/12 -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) is pleased to provide an update on the expansion of the sulphide treatment facilities at the Kansanshi mine and development of the Trident project including advances at the Enterprise nickel project and an increase to the throughput capacity at the Sentinel copper project. Board approval for the sulphide expansion project and the development of Enterprise was granted on the strength of the recently-announced uplift in Mineral Resources and Reserves estimates at Kansanshi and Enterprise.
-- The Sulphide No 3 ("S3") treatment plant at Kansanshi is being designed with the capability to treat up to 25 million tonnes per annum ("Mtpa") of ore. -- This capacity is higher than the 14 - 16 Mtpa previously contemplated, is supported by the recently-announced increase in Mineral Resources and Reserves at Kansanshi, and is expected to deliver a mine life in excess of 16 years. -- Engineering design synergies with the Sentinel processing plant, currently in construction, are expected to provide significant schedule benefits enabling a efficient project ramp up and execution phase that will allow S3 to come on-line in 2015. -- The capital estimate for the construction of the S3 expansion is USD$565 million.
The Trident project
-- The Enterprise project is being designed with the capacity to treat ore at a rate of 4.0 Mtpa at a processing facility that will be constructed as an integral part of the Sentinel copper mine, located 12 kilometres southeast of the mine. -- This will allow significant operational synergies and the sharing of infrastructure. -- Enterprise is being designed to produce an average of 38,000 tonnes of nickel in concentrate per annum with scope to increase to 60,000 tonnes when nickel market conditions allow. -- Board approval was also received for an increase in throughput capacity at Sentinel to 55 Mtpa from the 40 Mtpa previously envisioned. -- Altogether, these significant enhancements require a capital investment of USD$275 million which lifts the total approved capital estimate for the Trident project to USD$2.0 billion.
The increase in the mine's Mineral Resources and Reserves estimate provided the foundation for the operational and long term development strategies to be confirmed. The increase in sulphide treatment through the new S3 plant will allow up to 400,000 tonnes of copper to be produced annually. At this level of production and with the current defined Mineral Resources and Reserves, Kansanshi's mine life has been significantly increased to 16 years. On-going in-fill drilling could enable the identified Inferred Resources to be upgraded to the Indicated category, thereby further extending mine life.
The treatment plant will be constructed as a stand-alone facility and will draw on the detailed design work that has already been undertaken for the Sentinel sulphide concentrator. The S3 plant will be fed from two semi-mobile crushers that will be located within the existing pit limits of the Main and North West pits.
Concentrate produced from S3 will be pumped to the new smelter facility currently being constructed at Kansanshi for direct treatment.
The development of Enterprise brings a third nickel mine to First Quantum, and given the operational and infrastructure synergies with Sentinel is expected to be a low cost producing mine. The 4.0 Mtpa processing plant that will be built at the Sentinel facilities will consist of straight forward crushing, milling and flotation. The plant will be designed with the flexibility so that if nickel ore from the Enterprise is not being processed, it can be used to augment the Sentinel copper throughput capacity by approximately 4 Mtpa.
The increase in the throughput capacity at Sentinel to 55 Mtpa will be achieved by the addition of an expandable secondary crushing circuit as well as the upgrading of specific equipment within the processing plant. These enhancements will help ensure that targeted copper production objectives of 270,000 - 300,000 tonnes per annum of copper can be achieved. The current project timeline for completion in 2014 is unchanged.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
Listed in Standard and Poor's
For further information visit our website at www.first-quantum.com
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward looking statements include estimates, forecasts and statements as to the Company's mineral reserves and resources at Kansanshi and Enterprise, the Company's expectations of the results of future drilling, the Company's expectations of production and production cost and sales volumes, expected future production capacity, expect timing of completion of project development at Kansanshi, Sentinel and Enterprise, the impact of ore grades on future production, the potential of production disruptions, capital expenditure and mine production costs, the outcome of mine permitting, information with respect to the future price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, estimated mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, and our goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper, gold, nickel, PGE, cobalt and sulphuric acid, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland and Australia, adverse weather conditions in Zambia, Finland and Mauritania labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, the production of off-spec material.
See our annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of these factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein are qualified by this cautionary statement.
First Quantum Minerals Ltd. - North American contact
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
First Quantum Minerals Ltd. - United Kingdom contact
+44 140 327 3484
+44 140 327 3494 (FAX)
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Jun. 30, 2015 05:00 PM EDT Reads: 2,071
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
Jun. 30, 2015 04:39 PM EDT Reads: 512
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Jun. 30, 2015 04:21 PM EDT Reads: 537
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Jun. 30, 2015 03:59 PM EDT Reads: 495
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Jun. 30, 2015 02:15 PM EDT Reads: 2,144
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Jun. 30, 2015 01:56 PM EDT Reads: 621
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jun. 30, 2015 01:45 PM EDT Reads: 1,986
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Jun. 30, 2015 01:45 PM EDT Reads: 1,853
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Jun. 30, 2015 01:30 PM EDT Reads: 2,106
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jun. 30, 2015 01:15 PM EDT Reads: 2,041
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Jun. 30, 2015 12:30 PM EDT Reads: 1,839
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jun. 30, 2015 10:30 AM EDT Reads: 1,884
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
Jun. 30, 2015 10:20 AM EDT Reads: 539
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
Jun. 30, 2015 10:15 AM EDT Reads: 838
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Jun. 30, 2015 09:45 AM EDT Reads: 886