Business

FQM gold production drops at Kansanshi Mine

NKOLE MULAMBIA, KABANDA CHULU
Lusaka
GOLD production at Kansanshi Mine has drastically reduced from about 130,000 ounces to 115,000 in the second quarter of this year due to a sharp rise in mineral royalty rates.
Currently, the mineral royalty rate varies depending on the price of copper on the international market. When the commodity is trading at about US$4,500, it is at 5.5 percent and goes up to 10 percent when the metal is trading above US$9,000 a tonne.
Copper is currently trading at US$9,590 per tonne on the international market.
First Quantum Minerals (FQM) chairman Philip Pascal said yesterday in a statement of financial results ended June 30, 2021 that the rise in the royalty rate following an increase in copper prices, higher sustaining capital expenditure and planned maintenance of a smelter as well as shutdown at CLICK TO READ MORE




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