Canadian-based First Quantum Minerals Ltd. (TSX:FM) has opened operations at its Zambian Sentinel copper mine to feed a new USD 850 million smelter.
According to John Gladston, a company spokesman in Zambia, the Kansanshi Smelter is expected to produce between 300,000 and 350,000 metric tons of copper per year while the USD 1.9 billion Sentinel mine will likely produce between 270,000 and 300,000 tons of copper metal in concentrate per year.
The Vancouver-based mining company is one of Zambia’s largest foreign investors and built their Sentinel mine in approximately 2.5 years.
“This is a remarkable achievement,” said Mr. Gladston.
Shares in First Quantum rose by 4.9% in London trading on December 30, 2014.