TORONTO, August 16, 2017 /PRNewswire/ --
(In United States dollars, except
where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the
"Company", TSX Symbol "FM") today provided the following
update on recent developments at its Kansanshi complex and Sentinel
mine in Zambia:
- Power supply to the Kansanshi complex and Sentinel mine has
been reduced 15% and 29%, respectively since the afternoon of
August 10, 2017.
- Through management action, budgeted production at both
operations was maintained until August 15,
2017 prior to the Kansanshi smelter shutdown.
- On August 15, 2017, the planned
four-week maintenance shutdown of the Kansanshi smelter began.
- By letters dated June 29 and
August 4, 2017, the Company agreed to
pay approximately $0.09 per kilowatt
hour for both operations, conditional on the state-run power
company allowing it to source 200 megawatts of power from other
suppliers.
- The Company also offered to build more capacity in the
interconnector from Zimbabwe to
Livingstone, Zambia.
- Company representatives are currently working to resolve the
situation.
Further updates will be provided as warranted.
On Behalf of the Board of Directors of First Quantum
Minerals Ltd.
G. Clive Newall
President
For further information visit our website
at http://www.first-quantum.com
North American contact: Sharon
Loung, Director, Investor Relations, Tel: +1-(647)-346-3934,
Fax: +1-(604)-688-3818, Toll Free: +1-(888)-688-6577, E-Mail:
sharon.loung@fqml.com; United
Kingdom contact: Clive
Newall, President, Tel: +44-140-327-3484, Fax:
+44-140-327-3494, E-Mail: clive.newall@fqml.com