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First Quantum Minerals Announces Board Approval of the Kansanshi S3 Expansion and Enterprise Nickel Project
(in United States dollars, tabular amounts in millions, except where noted) TORONTO, May 08, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" (in United States dollars, tabular amounts in millions, except where noted) TORONTO, May 08, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) is pleased to announce that the Company’s Board of Directors has approved the S3 Expansion at the Kansanshi mine and the Enterprise nickel project. “First Quantum has been working constructively with the Government of Zambia’s New Dawn administration as part of their efforts to reform the mining sector, attract investment and increase Zambia’s copper production. The approval of the projects reflects First Quantum’s increased confidence in the investment climate in Zambia,” commented Tristan Pascall, Chief Executive Officer. “The S3 Expansion and the Enterprise nickel project are a key part of our brownfield growth strategy. The Kansanshi mine has been a cornerstone asset for First Quantum for 15 years and the S3 Expansion will expand production and extend the mine life for another two decades. The low-cost, high-grade Enterprise nickel project is well placed to supply the rapidly growing electric vehicle battery sector. The approval of these two projects is an important milestone for the Company’s path towards responsible production growth of the metals needed for the global green energy transition.” Work on both projects will start immediately. The Company is re-commencing detailed engineering works for the S3 Expansion to determine purchase orders for key long-lead items, including the SAG mill, ball mill and in-pit crushing station. A mining contractor will be mobilized for the Enterprise nickel project in order to commence pre-stripping of the pit in June 2022. The development timeline and capital commitments of both projects remains consistent with the three-year guidance recently provided by the Company on January 17, 2022. ZAMBIAN INVESTMENT CLIMATE The approval of the projects follows the efforts of the New Dawn administration to enhance both the investment climate for mining and to seek commitments from the mining sector to contribute to the national economy and to corporate social responsibility. These initiatives will help establish a platform for more stable, durable and responsible mining in Zambia. The Government of Zambia’s (the “Government”) commitments address the ease of doing business in Zambia, covering areas such as exp...