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MEI Online: Commodities: Metallic Ores: Copper: Latest News: December 5th 2013


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:: First Quantum Minerals To Invest $3bn In Zambian Copper Mines


Canada-based mining and metals company FIRST Quantum Minerals (FQM) says it plans to invest $3 billion to develop its Zambia-based Sentinel Mine, which is one of the largest copper reserve in the world having estimated reserves of 1 billion tonnes of ore grading 0.51 percent copper.

The investment which is aimed at increasing productivity, will also be used to build a smelter at the companyís flagship Zambian operation, Kansanshi Mine.

According to Adam Little, FQMís head of tax, the investment is expected to boost the minerís tax payment to the government.

ďWith more than $3billion to be invested to build Sentinel Mine, a smelter and upgrades at Kansanshi, FQMís tax contributions will be significantly augmented," Times of Zambia quoted Mr Little as saying.




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