Global copper producer First Quantum Minerals Ltd. (TSX:FM) has plans for a major expansion of its facilities in Zambia.
On Tuesday, the Vancouver-based miner said it would invest approximately $1.5 billion over the next four years in the central African country.
Plans include a major expansion of the company’s existing Kansanshi mine, the development of its Sentinel copper project and the construction of a new smelter at Solwezi, one of Zambia’s major centres.
The company also plans to commission its Ravensthorpe nickel mine in Australia this year, and establish a foothold in Peru with its Haquira copper deposit.
“While we continue to advance this growth and diversification strategy, our long-term commitment to Zambia remains central in the company’s future,” said First Quantum chairman and CEO Philip Pascall.
Business in Vancouver last caught up with First Quantum in early November when the company sold its stake in Zambia-focused explorer Equinox Minerals Ltd. for $653 million (see “First Quantum selling stake in Zambia-focused copper explorer ” – see BIV Business Today, November 9, 2010.)
The company also remains embroiled in a legal wrangle with the Democratic Republic of Congo after its Kolwezi project was expropriated.
First Quantum’s latest expansion and development plan did not provide an update regarding its Congo assets.
At press time, the company’s shares were up $5.33 to $117.19.