THIS POST WAS ORIGINALLY PUBLISHED JUNE 24, 2010
Zambia: Update on Mining Operations – Part II
The Latest corporate presentation (of June 21, 2010 can be downloaded at this link ) describes all corporate activities in the country, and has this brief overview:
The Company is reporting that Lumwana production for the first two months of Q2-2010 totaled 29,733 tons (66 M lbs) of copper in concentrate - a 46% increase on the average monthly production results of Q1-2010 and a 83% increase on the average monthly production results for the corresponding period Q2-2009. Equinox has maintained its full-year production guidance of 135,000 tons of copper in concentrate for this year, at a cash cost of $1,35/lb.
The Company has begun studies into a phased capacity expansion at Lumwana mine. This will examine an initial expansion to 24-million tons, which Equinox believes could be achieved with limited additional spending and within an 18-month timeframe, followed by a further increase to an eventual 35-million tons a year.
First Quantum Minerals Ltd., a growing mining and metals company, is engaged in mineral exploration, development, mining and refining. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid. First Quantum's common shares are listed for trading on the Toronto Stock Exchange in Canada (symbol "FM"), the London Stock Exchange (symbol "FQM") in the United Kingdom. First Quantum is a member of the S&P/TSX 60 index.
Investor presentation contains major data on all projects, including the following:
Kalumbila Exploration Projects (100%), Zambia
- Acquired for cash and shares valued at approx. US$260M in January 2010
- Main asset is a controlling interest in mineral prospecting licenses covering 2,850 km2on the periphery of the Kabombo Dome
- Includes the Kalumbila copper deposit —undergoing infill drill program to establish indicated resource on the open-pittable mineralization identified by drill results to date
- Also includes the Kawako nickel and the Kawanga uranium prospects
- 80% owned, in Zambia
- Located in the North Western Province
- Achieved commercial production in 2005
- 13-year estimated mine life; 20-year including inferred resources
- Extensive drill program to update reserves and resources estimate completed
Bwana Mkubwa Copper SX\EW Plant, Zambia
- 100% owned, in Zambia
- Produces copper cathode and sulphuric acid
- Currently processing the Lonshi oxide ore at an output level of approximately 800 tons per month
More to follow…..