| First Quantum Minerals Announces Imposed Power Reduction at Its Zambian Operations | |
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TORONTO, ONTARIO--(Marketwired - July 27, 2015) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today reported that, on July 22, 2015, it received notice of the declaration of Force Majeure for the supply of electricity to its Kansanshi operation from ZESCO, Zambia's state-run power company. Subsequently, on July 25, 2015, electricity supply to Kansanshi, including the smelter, was reduced to 117 megawatts from the steady-state level of 153 megawatts. Electricity supply at the Company's Sentinel project was also reduced to 42 megawatts from 55 megawatts. The supply reduction extends to all mining operations in the North Western province of Zambia.
In the notice of the declaration of Force Majeure, ZESCO stated that it has contracted independent power producers such as Maamba Collieries Limited and Itezhi Tezhi Power Corporation through the signing of Power Purchase Agreements to procure more electricity by the end of 2015.
Facilities at the Kansanshi mine, smelter and the Sentinel project are currently operating at reduced capacities while various options to alleviate the effect on production are being evaluated. As such, the Company is unable to provide estimates on the length of the supply reduction or its impact on production.
Further updates will be provided once this information is available.
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.
Contact Information:
North American contact:
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
[email protected]
United Kingdom contact:
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
[email protected]
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First Quantum Minerals Ltd.
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PRODUCER |
CODE : FM.TO |
ISIN : CA3359341052 |
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First Quantum is a copper producing company based in Canada. First Quantum produces copper, cobalt and gold in Congo Dem. Rep. of, in Mauritania and in Zambia, develops cobalt, copper and nickel in Congo Dem. Rep. of and in Zambia, and holds various exploration projects in Congo Dem. Rep. of and in Peru. Its main assets in production are BWANA MKUBWA, KANSANSHI and MOPANI in Zambia, FRONTIER and KOLWEZI in Congo Dem. Rep. of and GUELB MOGHREIN in Mauritania, its main assets in development are KOLWESI MUSONOI in Congo Dem. Rep. of and KALUMBILA in Zambia and its main exploration properties are KEVITSA and KEVISTA in Finland, HAQUIRA EAST and CRISTO DE LOS ANDES in Peru and KIPUSHI in Congo Dem. Rep. of. First Quantum is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 10.5 billions as of today (US$ 7.7 billions, € 7.0 billions). Its stock quote reached its lowest recent point on November 02, 2001 at CA$ 0.38, and its highest recent level on September 11, 2024 at CA$ 15.22. First Quantum has 689 369 984 shares outstanding. |