:: 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 company’s flagship Zambian operation, Kansanshi Mine.

According to Adam Little, FQM’s head of tax, the investment is expected to boost the miner’s tax payment to the government.

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