first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

0.0%

Jan 8 4:00 PM EST

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To: DRT who wrote (165)	8/11/1997 12:04:00 PM
From: DRT	of 385

FYI. The historical context ... lets hope the next chapter is FM's acquisition of Chambishi, and possibly others. DRT ___________ Electronic News from Zambia Date: 08/08/97 ZAMBIA MINES' SALES UP-DATE By Lewis Mwanangombe - Lusaka Zambia Consolidated Copper Mines Limited today gave an up-date on the progress so far made in the field of privatisation of its subsidiaries and units of operation. A statement from company chairman, Luke Mwananshiku, not only outlines the manner in which some have so far been sold but it also gives an insight into the operations of the company during the year ended 31 March 1997. Modalities for the privatising of Zambia Consolidated Copper Mines begun last year in June when the board approved the method to be used and the mechanisms to be put in place for disposing of the various assets of ZCCM. Initially data centres were established at all divisions of the company from which prospective bidders could obtain the information necessary for their due dligence studies. After that invitations were invited from bidders to pre-qualify for the purchase of ZCCM assets and these were published World-wide from 1996. About 42 companies and groups of bidders pre-qualified for one or more of the asset packages on offer. As for the actual bids these shrunk to 27 by 28 February 1997 when the closing date for submission of bids for the purchase of ZCCM mines and power asset packages was reached. After the closing date was passed discussions were started with bidders to obtain clarifications of some aspects of their bids so as to provide a sound basis upon which to make a short list of bidders with whom further negotiations could be opened and possibly concluded. On 16 January 1997, the first sale agreement relating to the purchase of Kansanshi Mine was reached with Cyprus Amax Minerals Company of the United States of America and signed in Lusaka. Cyprus Amax will be operating through Cyprus Amax Kansanshi Plc. Another encouraging development in the privatisation process took place on 11 February 1997 when a memorandum of understanding was signed between the Government of the Republic of Zambia, ZCCM and a consortium of three renowned mining companies. These other companies are Zambia Copper Investments Limited, Gencor and Falconbridge. Together they will develop the Konkola Deep Mining Project in Chililabombwe. The memorandum of understanding provides for the consortium to undertake a feasibility study to determine the viability of the project and it is hoped that by the end of September this year the consortium would conclude its feasibility study. Since the end of the financial year under review Gencor has withdrawn from the consortium. Still within February another milestone was recorded when an option on the Konkola North Mining Area was awarded to Avmin Limited of South Africa which will carry out an exploration and evaluation programme in the area over a period of two years. It is hoped that on successful completion of the programme Avmin would undertake mining exploitation and development of the area. Another mine which was bought on June 30 was Luanshya and Baluba Mines which went to Binani of India. Source: ZAMTODAY

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