ARTHUR MWANSA, Lusaka
FIRST Quantum Minerals (FQM) chief executive officer Philip Pascall says the mining firm has managed to achieve a
record growth of 334,269 tonnes of concentrate at its Kansanshi Copper Smelter during the second quarter of 2017.
Mr Pascall said FQM has continued to record remarkable growth in copper production from its commercial operations at Sentinel mine in Kalumbila and strong production at the Kansanshi mine in Solwezi in North-Western Province.
This is contained in a statement issued on Monday by Langmead and Baker communications managing director Gillian Langmead.
“As the mining firm’s financial position improves and its debt maturity structure strengthens, we are pleased with the overall performance in the quarter and half year,” he said.
He said the transition to commercial operations at the Sentinel mine is a major milestone.
“First Quantum’s financial position is much improved. Its debt maturity structure has been greatly strengthened following the liability management initiatives undertaken.
“With the cash generated by our operations, cash on hand, undrawn credit facilities and continuing initiatives to further strengthen the balance sheet, the company is well-positioned to continue to execute its strategy,” Mr Pascall said.
He said the key element of making Zambia competitive is a stable tax and royalty regime, stability in major costs such as electricity and fuel, stability in labour and reliable refund of value added tax (VAT).
He said a natural equilibrium must be sought to ensure equitable benefits between investors, government and communities.