Vancouver, Canada — 28 March 2012 – First Quantum Minerals “’ an established and growing mining and metals company currently operating three mines and developing four projects worldwide “’ has announced a resource and capex update on its Sentinel copper project in Zambia.
The update, which was released here, revealed that the asset had a measured and indicated resource of over 1Bt and reserves of 774Mt at 0.5% copper. At a stripping ratio of 2.2:1, these reserves gave the project an estimated mine life in excess of 15 years, with potential to increase with planned delineation drilling and future successful exploration.
“These independent third-party estimates confirm those of our exploration team and justify our plans to develop Sentinel into a state-of-the-art facility capable of producing up to 300,000tpa of copper in concentrate,” said CEO Philip Pascall.
“Our strategy is to develop this facility over a two-year timeframe at the same time as a new copper smelter in Zambia that would process all of Sentinel’s concentrate production, eliminating the need to export concentrate to offshore smelters,” he added.
“Altogether, we estimate Sentinel and the smelter project will require a capital investment of over US$2.4 billion, including an extensive infrastructure development programme, and create approximately 2,400 direct jobs for Zambians,” said Pascall.
Source: First Quantum Minerals. For further details click here.