FIRST Quantum Minerals (FQM), the owners of Kansanshi mine, have sourced US $1 billion for the implementation of the various capital projects for its operations in Solwezi. FQM president Clive Newall said Kansanshi Mining Plc signed the $1 billion senior-term and revolving facilities agreement for the execution of capital works at one of Zambia’s most promising mine. “First Quantum Minerals Limited is pleased to announce the signing of a $1 billion senior-term and revolving facilities agreement by Kansanshi Mining Plc, holder of First Quantum’s 80 per cent owned Kansanshi copper-gold project in Zambia,” he said. The five-year facility featuring flexible drawing provisions will enable the execution of planned capital works at Kansanshi mine, in North-Western Province of Zambia. The facility includes customary conditions precedent to first drawdown which are expected to be satisfied during the first quarter of this year. The Mandated Lead Arrangers for the facility are, Standard Chartered Bank, Standard Bank of South Africa, BNP Paribas, Citibank N.A. and African Export-Import Bank. The mine last year embarked on a project to expand the copper mine by 60 per cent in the next three years. Annual copper production capacity is expected to reach 400,000 tonnes by 2014 from about 250,000 tonnes. Powered By WizardRSS.com | Full Text RSS Feed | Amazon Affiliate Script | Android Games | Hud Software
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First Quantum Minerals in $1Billion Capital Projects Fund
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