First Quantum Plans $2b Expansion for 2011-14

26 January 2011 (Last Updated January 26th, 2011 18:30)

First Quantum Minerals is planning to invest $2bn in 2011-14 to expand and develop its operating mines and new projects. The proposed expansion covers Zambia-based Kansanshi and Sentinel, Mauritania's Guelb Moghrein, Ravensthorpe of Australia and Finland’s Kevitsa projects.

First Quantum Minerals is planning to invest $2bn in 2011-14 to expand and develop its operating mines and new projects.

The proposed expansion covers Zambia-based Kansanshi and Sentinel, Mauritania's Guelb Moghrein, Ravensthorpe of Australia and Finland’s Kevitsa projects.

The investment excludes the proposed development of the Haquira deposit in Peru and the construction of a copper smelter in Zambia.

First Quantum chairman and CEO Philip Pascall said 2011 will mark the company’s geographic diversification strategy and its emergence as a nickel producer.

"While we continue to advance this growth and diversification strategy, our long-term commitment to Zambia remains central in the Company’s future," Pascall said.