First Quantum Minerals gives update on Zambian operations

Power supply of the Kansanshi complex and Sentinel mine has been reduced 15% and 29%, respectively since the afternoon of 10 August, 2017.

It was management’s decision to keep both operations at a budgeted production level until 15 August, prior to the Kansanshi smelter shutdown. On 15 August, the planned four week maintenance shutdown of the Kansanshi smelter began.

The company agreed to pay approximately US$0.09 kilowatt hour for both operations, provided the state run power company allowed them to source 200 megawatts of power from different suppliers. The company also offered to build more capacity in the interconnector from Zimbabwe to Livingstone, Zambia. Meanwhile company representatives are working to resolve the situation.

By letters dated June 29 and August 4, 2017, the Company agreed to pay approximately $0.09 per kilowatt hour for both operations, conditional on the state-run power company allowing it to source 200 megawatts of power from other suppliers. The Company also offered to build more capacity in the interconnector from Zimbabwe to Livingstone, Zambia. Company representatives are currently working to resolve the situation.

Read the article online at: https://www.globalminingreview.com/exploration-development/21082017/first-quantum-minerals-ltd-gives-update-on-zambian-operations/