First Quantum Minerals provides update on its Zambian operations
(In United States dollars, except where noted otherwise)
AA – First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today provided the following update on recent developments at its Kansanshi complex and Sentinel mine in Zambia:
- Power supply to the Kansanshi complex and Sentinel mine has been reduced 15% and 29%, respectively since the afternoon of August 10, 2017.
- Through management action, budgeted production at both operations was maintained until August 15, 2017 prior to the Kansanshi smelter shutdown.
- On August 15, 2017, the planned four-week maintenance shutdown of the Kansanshi smelter began.
- By letters dated June 29 and August 4, 2017, the Company agreed to pay approximately $0.09 per kilowatt hour for both operations, conditional on the state-run power company allowing it to source 200 megawatts of power from other suppliers.
- The Company also offered to build more capacity in the interconnector from Zimbabwe to Livingstone, Zambia.
- Company representatives are currently working to resolve the situation.
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