First Quantum, partners to proceed with 593 mln usd Kolwezi project UPDATE |
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Wed, 28 Nov 2007 11:29
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(Adds First Quantum's stake)LONDON (Thomson Financial) - First Quantum Minerals Ltd said it will, along with its partners, finance or procure third-party debt project investments totaling up to 593 mln usd for the development of the Kolwezi tailings project in Congo.The Canadian mining company said the plant at start will produce 35,000 tonnes per year of copper and 7,000 tonnes of cobalt hydroxide annually.The company expects the project to be commissioned by the fourth quarter of 2009, with commercial production starting in the first quarter of 2010.The plant will be designed and constructed such that its capacity can be doubled at a capital cost of 40 mln usd, First Quantum added.First Quantum said it owns a 65 pct stake in the Kingamyambo Musonoi Tailings SARL, which is developing Kolwezi project along with other stake holders like La Generale Des Carrieres et Des Mines, Industrial Development Corporation of South Africa, the International Finance Corporation and the Government of Congo.The company said the financing satisfies the obligation to complete feasibility studies along with the IDC and IFC.The future development of a cobalt metal facility and the expansion of copper and cobalt capacity will be considered in light of practical experience on site and on commodity market conditions, First Quantum added.julie.crust@thomson.comjjo/pmi/jfr/jjo/pmi/slmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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First Quantum, partners to proceed with 593 mln usd Kolwezi project in Congo 