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Friday, August 7, 2020

First Quantum Minerals says Power Supply has stabilized to Kansanshi mine and smelter complex

Economy First Quantum Minerals says Power Supply has stabilized to Kansanshi mine and...

Copper Cathodes for exports from Kansanshi mine
Copper Cathodes for exports from Kansanshi mine

FIRST Quantum Minerals Limited says the power situation at Kansanshi mine and smelter complex has stabilised as the mine is being consistently provided with 285 megawatts, which allows normal operations.

Company chairman and chief executive officer Philip Pascall said consistent power supply has enabled the mine to operate above its capacity throughout the fourth quarter of last year to date.

Mr Pascall said this in the First Quantum Minerals Reports for the fourth quarter results for 2015 statement availed to the Daily Mail last week.

“While the headwinds of low commodity prices and the delay in energising the required second power line at our Sentinel project continued in the quarter, we advanced our action plan to further strengthen the company’s balance sheet, reduce costs to improve profitability and cash flow from operations and manage capital expenditure.

“The quarter’s financial results positively reflect these efforts with the benefits of the copper sales hedge programme at a sale price well above market, sound operations at all our mines and the continued excellent performance of the new copper smelter at Kansanshi,” he said.

He said during the period under review, the firm planned to strengthen the balance sheet which was achieved with the advancement of a number of strategic initiatives which are expected to be finalised over the next several months.

“Overall, the outcomes of the plan are intended to be a reduced net debt position with a capital structure better suited to the development and start-up timetable of our Cobre Panama project,” he said.

7 COMMENTS

    • Stanley, you are right. Zambian Journalism is so empty and misleading. The cathodes do not have “anode lugs” as seen here and are normally lightweight (Maximum 75 Kg whilst anodes are 280 to 310 kg) You need to specialize in these things like CNN when they send a Journalist to report in a war zone, he/she would not call an armored tank a M16?

      We are here let us write some of the stories for mining on your behalf, you can only edit basic things.

      Take the criticism positively.

  1. YES NOW THAT POWER HAS STABILIZED AT YOU FIRM PLEASE MAY YOU START EMPLOYING AND DONT FORGET TO INCLUDE THE NORTH WESTERNERS.
    WE ARE PAYING FOR THAT POWER WHICH YOU ARE USING FOR FREE ACCORDING TO DORA SILIYA’S WORDS.

  2. Be careful what you say FQM, UPND will not love you for this because their agenda and path to power depends on chaos in the country, a bad economy and suffering of the people. If they came into power be ready to lose your mining license for giving such sweet news and hope to the citizens of Zambia.
    But nothing of the sort will ever happen to you or Zambia, so keep giving us hope, thank you very very much!!

  3. ati Semeki, power cost has actually trippled after the recent hike in electricity tarrifs. if you dont know keep quiet. kansanshi alone is paying an extra $100 000 000 on power as a result of the increased tarrifs.
    the picture showing the copper anodes not cathodes bwana.

  4. is this true?: – Company chairman and chief executive officer Philip Pascall said consistent power supply has enabled the mine to operate above its capacity throughout the fourth quarter of last year to date.

    i dont think so.

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