First Quantum Minerals

Updated on Dec 20, 2023

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Type Public Founded 1996 Website www.first-quantum.com CEO Philip K.R. Pascall Number of employees 1,800		Industry Mining Key people Philip K.R. Pascall Headquarters Vancouver, Canada CFO Hannes Meyer

Traded as TSX: FM LSE: FQM S&P/TSX 60 component Stock price FM (TSE) CA$ 13.61 +0.03 (+0.22%)10 Mar, 4:00 PM GMT-5 - Disclaimer

Atlas copco kevitsa first quantum minerals mining success story

First Quantum Minerals Ltd. is a Vancouver, British Columbia based mining and metals company whose principal activities include mineral exploration, development and mining.

First Quantum's common shares are listed for trading on the Toronto Stock Exchange in Canada (symbol "FM"), and the London Stock Exchange (symbol "FQM") in the United Kingdom.

Clive newall president director of first quantum minerals metals mining

Recent acquisitions

In 2006 First Quantum acquired London-based Adastra Minerals for $245m in cash and stock.

In 2008 First Quantum acquired Toronto-based Scandinavian Minerals Ltd developing the Kevitsa project in Finland

In December 2009, First Quantum acquired the Ravensthorpe Nickel Mine for US $ 340 million from BHP Billiton.

In October 2010, First Quantum announced plans to acquire Antares Minerals for $450 million.

In November 2010, First Quantum sold its stake in Equinox Minerals.

In April 2013, First Quantum successfully completes hostile takeover of Inmet Mining Corporation for 5.1 billion Canadian dollars.

Recent news

In June 2013, it was announced that FQM would have to lay off 500 workers at the Sentinel mine in Zambia as it could not sustain their upkeep while waiting for the lifting of a protection order on its operations from the Zambia Environmental Management Agency.

In July 2013, the company received the best mining industry award at the Zambia International Trade Fair.

In 2016 First Quantum produced 539,458 tonnes of copper, 23,624 tonnes contained tonnes of nickel, 214,012 ounces of gold and 28,862 tonnes of zinc, exceeding previously announced market guidance and 2015 production levels.

In March 2017 First Quantum announced it had launched a $1.6 billion offering of Senior Notes due 2023 and 2025.

Zambia

Kansanshi mine, near Solwezi. Main product copper, by-product gold. Open-pit mine, opened in 2005

Mopani copper smelter.

Bwana Mkubwa, copper SX/EW plant.

Joint Venture

At the end of September 2012, First Quantum Minerals announced that it had entered into a joint venture with a Zambian-based mining company called Mimosa Resources. The purpose of the venture is to develop the Fishtie copper project in the Central province of Zambia, in the Mkushi District near the border with the Democratic Republic of Congo.

Democratic Republic of the Congo

The Kolwezi tailings project was a major project to extract copper and cobalt from tailings of older mining operations around Kolwezi. It was expected to produce around 70,000 tonnes per year of copper metal and up to 14,000 tonnes per year of cobalt hydroxide. In August 2009, the DRC government revoked First Quantum's license due to a dispute over renegotiating the contract. First Quantum stopped operations in September 2009, throwing about 700 people out of work. First Quantum had spent $750 million on acquiring and developing the property. First Quantum took out an action against the DRC government in the International Chamber of Commerce Court of Arbitration.

The Frontier Mine is an open pit copper mine located near Sakania. First Quantum obtained exploration licenses in January 2001 and July 2002. Production began in 2007, and in 2010 the mine yielded 322,700 tonnes of copper. The Lonshi Mine is an open pit copper mine that produces high-grade oxide ore that was transported to Zambia for processing at the Bwana Mkubwa SX/EW plant 35 kilometres (22 mi) away. The mine was closed after the governor of Katanga province, Moses Katumbi, banned the export of ore to Zambia, insisting that it should be refined in Katanga. In May 2010 a Congolese court ruled that FQM's Lonshi and Frontier copper mines had been awarded illegally and that they should revert to state-owned Sodimico. According to FQM the ruling was due to FQM's decision to contest the expropriation of their Kolwezi tailings project, which was later sold to the Kazakh mining company Eurasian Natural Resources Corporation.