FQM gold production drops at Kansanshi Mine

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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