Welcome!

News Feed Item

First Quantum Minerals Provides an Update on Development Activities at Kansanshi and the Trident Project

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.

Highlights:

Kansanshi

--  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. 

Kansanshi

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.

Trident project

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

12g3-2b-82-4461

Listed in Standard and Poor's

For further information visit our website at www.first-quantum.com

Forward-Looking Statements

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.

Contacts:
First Quantum Minerals Ltd. - North American contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
[email protected]

First Quantum Minerals Ltd. - United Kingdom contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
[email protected]
www.first-quantum.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.