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First Quantum Minerals Announces Capacity Expansion to the Cobre Panama Project, Updated Capital Estimate and Ramp-up Expectations
First Quantum Minerals Announces Capacity Expansion to the Cobre Panama Project, Updated C...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nFirst Quantum Minerals Announces Capacity Expansion to the Cobre Panama Project, Updated Capital Estimate and Ramp-up Expectations\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 12, 2018\n\n\n\n(In United States dollars, except where noted otherwise)\n\n\n\nTORONTO, Feb. 12, 2018 /CNW/ - First Quantum Minerals Ltd. (\"First Quantum\" or the \"Company\", TSX Symbol \"FM\") today announced that its Board of Directors has approved the expansion of Cobre Panama's throughput capacity, by 15%, to 85 million tonnes per annum (\"mtpa\") and upgrades to certain areas to accommodate a further increase to 100 mtpa after year 2022. The Board has also approved additional initiatives aimed at achieving a smooth and efficient commissioning and ramp-up phase.\n\nAltogether, Cobre Panama's total development capital is now estimated at $6.3 billion with an improved capital intensity of $18,000 per tonne of annual copper produced, assuming an annual production rate of 350,000 tonnes of copper in concentrate.\n\nDETAILS:\n\n\nExpansions of throughput capacity:\n\nInstallation of an eighth mill, which is already owned by the Company, and associated infrastructure is planned to begin in the second half of 2018 for completion in the second half of 2019\nIncludes an expansion of the mining fleet and process equipment, additional pre-production stripping and supporting infrastructure to accommodate the future expansion\nExpansion to 100 mpta is expected to be undertaken after 2022\nAdditional initiatives to enable a smooth and efficient commissioning and ramp-up:\n\nFollowing on the successful commissioning and ramp-up of our Kansanshi smelter, we plan to embed various highly-skilled technical personnel from our equipment manufacturers and suppliers and a supplemental experienced operational ramp-up team during the pre-commissioning stage\nOther initiatives include the procurement and increased market cost for higher quality and capacity equipment, additional spares, upgrade and rectification of certain power station...