First Quantum Minerals
Encyclopedia
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
.
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 (21.7 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
.
First Quantum's common shares are listed for trading on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
(symbol "FM"), and the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
(symbol "FQM") in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Recent acquisitions
- In 2006 First Quantum acquired London-based Adastra MineralsAdastra MineralsAdastra Minerals Inc , was a London-based mining company with notable operations in central Africa , particularly in copper, cobalt and zinc exploration...
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 MineRavensthorpe Nickel MineThe Ravensthorpe Nickel Mine is a nickel mine located 33 km east of Ravensthorpe, Western Australia.Ravensthorpe cost BHP Billiton US$2.2 billion to build but led to $3.6 billion in write-downs when it was shut down in January 2009, after less than a year of operation...
for US $ 340 million from BHP BillitonBHP BillitonBHP Billiton is a global mining, oil and gas company headquartered in Melbourne, Australia and with a major management office in London, United Kingdom...
. - In October 2010, First Quantum announced plans to acquire Antares Minerals for $450 million.
- In November 2010, First Quantum sold its stake in Equinox MineralsEquinox MineralsEquinox Minerals is a mining and exploration company with corporate offices in Perth, Australia and Toronto, Canada. It has operations in Peru, Australia and Zambia but most of its current activity is concentrated in Zambia where through subsidiary the Lumwana Mining Company, it operates mines in...
.
Zambia
- Kanshansi Mine, near SolweziSolweziSolwezi is the capital of the North Western Province of Zambia. Solwezi has approximately 65,000 inhabitants at an elevation of 1235 m above sea level...
. Main product copper, by-product gold. Open-pit mine, opened in 2005 - Mopani copper smelter.
- Bwana MkubwaBwana MkubwaBwana Mkubwa is a settlement and a mine in Copperbelt Province, Zambia. It is the oldest mine in Zambia’s Copperbelt region. As a settlement with no municipal status, it became a locale due to the abundant copper deposits found in the area.-Etymology:Several versions of the origin of the name...
, copper SX/EW plant.
Democratic Republic of the Congo
The Kolwezi tailings projectKolwezi tailings project
The Kolwezi tailings project is a major project in the Kolwezi mining area of the Democratic Republic of the Congo to recover copper from the tailings, or processed ore, from mining in the region since the 1950s....
was a major project to extract copper and cobalt from tailings of older mining operations around Kolwezi
Kolwezi
Kolwezi is a city in Katanga Province in the south of the Democratic Republic of the Congo, west of Likasi. It is home to an airport and a railway to Lubumbashi. The population is approximately 418,000....
. 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
Frontier Mine, Katanga
Frontier Mine is a copper mine in Katanga Province, Democratic Republic of the Congo that was owned and operated by the Canadian Mining Company First Quantum Minerals...
is an open pit copper mine located near Sakania
Sakania
Sakania is a town in Haut-Katanga District, in the far south of the Democratic Republic of Congo, near the border with Zambia.It is located at an elevation of 1278m asl ,therefore it has a cool climate....
.
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
Lonshi Mine
Lonshi Mine is a copper mine in Katanga Province of the Democratic Republic of the Congo, to the southeast of Ndola, Zambia.-Operations:The mine produces high-grade oxide ore that was transported to Zambia for processing at the SX/EW facility in Bwana....
is an open pit copper mine that produces high-grade oxide ore that was transported to Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
for processing at the Bwana Mkubwa SX/EW plant 35 kilometres (21.7 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
Frontier Mine, Katanga
Frontier Mine is a copper mine in Katanga Province, Democratic Republic of the Congo that was owned and operated by the Canadian Mining Company First Quantum Minerals...
copper mines had been awarded illegally and that they should revert to state-owned Sodimico
Sodimico
Sodimico is a state-owned mining company in the Democratic Republic of the Congo .-Early years:...
.
According to FQM the ruling was due to FQM's decision to contest the expropriation of their Kolwezi tailings project
Kolwezi tailings project
The Kolwezi tailings project is a major project in the Kolwezi mining area of the Democratic Republic of the Congo to recover copper from the tailings, or processed ore, from mining in the region since the 1950s....
, which was later sold to the Kazakh mining company Eurasian Natural Resources Corporation
Eurasian Natural Resources Corporation
Eurasian Natural Resources Corporation PLC is a diversified natural resources company headquartered in London, United Kingdom. It has activities in mining, processing, energy, logistics and marketing....
.
Other
- Guelb Mohgrein Mine, near AkjoujtAkjoujtAkjoujt is a town in western Mauritania. It is located at around . It is the capital of Inchiri region. The town's main industry is gold and copper mining....
, MauritaniaMauritaniaMauritania is a country in the Maghreb and West Africa. It is bordered by the Atlantic Ocean in the west, by Western Sahara in the north, by Algeria in the northeast, by Mali in the east and southeast, and by Senegal in the southwest...
. Main product copper, by-product gold. Open pit mine, opened 2006 - Kevitsa project, SodankyläSodankylä-Twin towns: Kola, Russia, since 1968 Berlevåg, Norway, since 1971 Norsjö, Sweden, since 1977 Heiligenblut, Austria, since 1979-External links:* – Official website* * * * * *...
, FinlandFinlandFinland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
. Main products nickel & copper, by product PGE elements. Open pit mine to be opened in the future