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FQM: Power supply stabilises

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.