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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: Stephen O who wrote (296)4/3/2000 8:18:00 AM
From: Dan P  Read Replies (1) of 385
 
News on First Quantum:

Globe says First Quantum acquires two Zambian mines

First Quantum Minerals Ltd FM
Shares issued 24,656,037 Mar 31 close $3.29
Mon 3 Apr 2000 In the News
The Globe and Mail reports in its Saturday, April 1, edition that First
Quantum is acquiring two mines along Zambia's mineral-rich copper belt. The
Globe's Peter Kennedy writes that the government of Zambia has handed
control of the Nkana and Mufulira mines to First Quantum and its partner,
Glencore International of Switzerland. In return, Zambia hopes to secure
loans from the World Bank. First Quantum already owns the Bwana Mkubwa mine
in Zambia, which produced about 21 million pounds of copper last year.
Under the agreement, the Zambian government's mining arm ZCCM will receive
a 10-per-cent stake in the two mines, which have combined annual production
of about 184 million pounds of copper. ZCCM will also receive $20-million
(U.S.) in cash as well as deferred payments of $23-million which begin in
2003. Mopani Copper mines, a company owned 49 per cent by First Quantum and
51 per cent by Glencore, has agreed to invest $159-million in a bid to
modernize the operations and make them more profitable.
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