We are in BUSINESS :
News Release First copper Sale
Date:
Wed, 13 May 1998 08:48:03 -0700
From:
"First Quantum Minerals Ltd." <fquantum@uniserve.com>
To:
info@first-quantum.com
FIRST QUANTUM MINERALS LTD.
Suite 450 - 800 West Pender Street,
Vancouver, BC, V6C 2V6
Ph: (604) 688-6577 Fax: (604) 687-7657 Toll Free 1-888-688-6577
NEWS RELEASE
Bwana Mkubwa ships first Copper to Market
May 13, 1998 Trading Symbol: FM
The Company is pleased to announce that the first shipments of copper from the Bwana Mkubwa
Copper Mine ("BMCM") in Zambia have been dispatched. To date, 442 tonnes of London Metal
Exchange grade "A" quality copper cathode has been delivered to Dar-Es Salaam's port in
Tanzania. Through an offtake agreement, Gerald Metals, Inc. ("Gerald") of Stamford, Connecticut,
is the purchaser of BMCM's copper production. Under a forward hedging program with Gerald,
the Company will realize US$0.873 per pound or US$1,922 per metric tonne for 75% of each
month's 800 tonnes of copper production until August 1999. Sales revenues from these shipments
are approximately US$849,000.
Throughput of copper oxide tailings is now steady at design capacity of 4,500 tonnes per day
(135,000 tonnes per month). Both head grade and recovered grade of copper to date are in excess
of feasibility estimates.
The sulphuric acid plant is operating extremely well. It was designed to produce 300 tonnes of acid
per day, but due to plant efficiency, operating capacity has reached up to 350 tonnes per day. At
this rate, the acid plant will produce well in excess of the estimated 70,000 tonnes per year for
external sale. Sales revenues from three sulphuric acid deliveries to date are approximately
US$800,000.
The BMCM is an integrated copper and acid plant located in the famous Zambian Copperbelt. The
project is expected to produce annually 10,000 tonnes of copper cathode and 110,000 tonnes of
sulphuric acid of which 70,000 tonnes will be available for sale to meet the unsatisfied demand for
acid in the Zambian and Congolese Copperbelt.
On Behalf of the Board of Directors
of First Quantum Minerals Ltd. 12G3-2b-82-4461
Listed in Standard and Poor's
"signed" Sedar Profile #00006237
____________________________ Web Site: www.first-quantum.com
Michael D. Philpot, Director Email: info@first-quantum.com
Joe |
