First Quantum Minerals, through its Zambian subsidiaries FQM Trident Limited (Trident) and Kansanshi Mining PLC (KMP), announced on May 9 that it had agreed with the Government of Zambia to resolve matters involving the Kansanshi and Sentinel copper projects. This includes reaching agreement in respect of outstanding value-added tax receivable sums.
The agreement also secured the basis for two new key investments by First Quantum into Zambia. KMP will undertake a $1.25 billion expansion project to extend the life of its Kansanshi copper-gold mine. Trident will continue to own and operate the Sentinel copper mine and will also invest $250 million to develop the Enterprise nickel deposit.
First Quantum, a Canadian-based international mining company, is the biggest mining company in Zambia and one of the world’s top ten copper producers.
S&C led the negotiations for First Quantum. The S&C team included Stewart Robertson, Sam Saunders, Sarah Mishkin and Stephanie Taylor.
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