JOHANNESBURG (miningweekly.com) – Vancouver-based First Quantum’s acquisition of Kiwara moved one step closer to completion on Monday, when the JSE- and Aim-listed explorer’s shareholders voted in favour of the transaction.

First Quantum, which owns operations in Zambia, the Democratic Republic of Congo and Mauritania, announced in November that it would buy Kiwara in a $260-million share-and-cash deal.

The court hearing to sanction the scheme was expected to take place on January 28.

Meanwhile, First Quantum reported that fourth-quarter copper production had increased by 3% to 98 500 t, while production for the year ended December had jumped almost 12% to 373 900 t.

The LSE- and TSX-listed company produced 95 600 t recorded in the last quarter of 2008, and 334 400 in 2008.

First Quantum stated that new quarterly production records were achieved at Guelb Moghrein and Kansanshi operations, despite heavy rainfalls in the Copperbelt during December.

Stockpiles of copper concentrate at the end of December 2009, decreased slightly to about 25 400 t of copper in concentrate from the end of September 2009 level of 25 700 t.

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