First Quantum Minerals' Kansanshi copper mine, in Zambia
TSX-listed gold and base metals miner First Quantum Minerals CEO Tristan Pascal is pleased with the level of progress on the ground at the S3 expansion project, at the Kansanshi mine, in Zambia.
The company is spending the majority of the project’s $1.25-billion investment this year to ensure the entire project is completed by mid-2025.
The project entails an expansion of the mine pit and mining fleet, as well as construction of a new processing plant and expansion of a smelter.
This should extend the Kansanshi mine life into 2040 and increase copper production to more than 200 000 t/y.
The company recently raised $3.3-bilion as part of a comprehensive refinancing package and copper prepayment arrangement, as well as extended its debt facilities through to mid-2027, to deliver on the S3 expansion.
Zambia, and Kansanshi in particular, has been the mainstay of First Quantum’s mining activity for the last 20 years and will be “just as important” for the next 20 years.
Pascal says completion of the expansion is a priority for the company and that it is in a strong position to finish the project on schedule.