https://www.miningweekly.com
Copper|Exploration|Infrastructure|Mining|PROJECT|Resources|Infrastructure
Copper|Exploration|Infrastructure|Mining|PROJECT|Resources|Infrastructure
copper|exploration|infrastructure|mining|project|resources|infrastructure

First Quantum, Mimosa to fast-track Zambia project

4th December 2023

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Mining and metals company First Quantum Minerals (FQM) and Mimosa Resources (Mimosa) have signed a revised Kashime Development Agreement, which is a joint commitment to fast-track the development of their Fishtie copper project, in Mkushi, Zambia.

Under the agreement, mining is envisaged to start in 2026 and ramp up to a maximum production of 30 000 t/y of copper by the end of the decade.

FQM and Mimosa first announced an agreement to develop the Fishtie copper project in Central province in 2012.

Since then, substantial technical work has been undertaken demonstrating the deposit is economically viable, with some large initial infrastructure now in place.

The agreement signed provides Mimosa with access to FQM’s array of skills and expertise to take the Fishtie project to the next stage of development. Mimosa will also lead the fundraising initiatives to raise the $200-million required for the development of the project.

In particular, the agreement helps to develop Mimosa, as a Zambian ‘home-grown entity’, to a world-class, modern mining operator.

Mimosa currently owns 37.5% of Kashime Copper, which holds the Fishtie project.

The development agreement will see Mimosa’s stake grow into a majority 75% share through its completion of a feasibility study and the raising of the necessary financing to take the project to technical completion.

Each of these stages is time-bound to ensure the project is developed within a reasonable timeframe.

An additional element of this agreement is the commitment from FQM to finance and conduct exploration within the wider licence area, outside of the Fishtie project area.

“We are determined that this resource should be developed now that the investment climate in Zambia has improved. We have committed a deep level of organisational support to Mimosa, so that they are able to successfully develop and run Fishtie, and in so doing, provide inspiration to other emerging Zambian miners,” FQM states.

“Mimosa has some very clear commercial objectives that they must meet, and within a timeframe that keeps this project on track. We look forward to working closely together in the months and years to come”, FQM country manager Dr Godwin Beene adds.

“This revised development agreement represents a potentially significant transfer of skills and know-how from a major mining multinational to an emerging Zambian company.

“In the search for a genuine ‘social licence to operate’, we believe that Zambians need to play a leading role in the country’s future mining development,” says Mimosa chairperson Jordan Soko.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Hannah Instruments
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024
Implats CEO Nico Muller
Implats expecting phased reduction in group output
29th February 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.142 0.178s - 92pq - 2rq
Subscribe Now