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Gold/Mining/Energy : first quantum minerals FM on TSE
FM 27.190.0%Jan 8 4:00 PM EST
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To: Dan P who wrote (280)1/10/2000 1:35:00 PM
From: keith schaefer  Read Replies (1) of 385
 
FIRST QUANTUM / GLENCORE CONSORTIUM
CONCLUDES HEADS OF AGREEMENT WITH ZCCM

First Quantum Minerals Ltd. (CDNX Symbol "FM") is pleased to announce that
a consortium comprising First Quantum Minerals and Glencore International
("the Consortium") has executed a Heads of Agreement with the Government of
the Republic of Zambia and Zambia Consolidated Copper Mines Limited
("ZCCM"). The Consortium will purchase a 90% interest in a new company
("NewCo") which will acquire the assets of ZCCM's Mufulira Division and the
Nkana Mines, Concentrator and Cobalt Plant.

The Nkana and Mufulira Mines produced a combined total of 86,000 tonnes of
copper and 1,250 tonnes of cobalt during the year ended March, 1999. Nkana
hosts a resource of 323 million tonnes grading 2.21% copper and 0.10%
cobalt including reserves of 76 million tonnes grading 2.26% copper and
0.14% cobalt. Mufulira hosts a resource of 71 million tonnes grading 3.10%
copper including reserves of 29 million tonnes grading 3.02% copper.

Under the agreement, the Consortium will acquire a 90% interest in NewCo
for US $43 million while ZCCM will retain a 5% free and 5% repayable
carried interest in NewCo. NewCo will commit to invest US $154 million in
the Mufulira and Nkana operations over the first three years and, subject
to further evaluation of the assets, make additional investments of
approximately US $340 million.

Further information will be released in the near term.

On Behalf of the Board of Directors 12g3-2b-82-4461
of First Quantum Minerals Ltd. Listed in Standard and Poor's
"Clive Newall" Sedar Profile #00006237
Clive Newall
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