First Quantum Starts Up Copper Mine in Zambia

Wednesday December 31, 2014, 7:57am PST

Despite concerns over a mining royalty hike in Zambia that led Barrick Gold (TSX:ABX) to halt operations in the country, Bloomberg reports that First Quantum Minerals (TSX:FM) is starting up a Zambian copper mine. Royalties have recently increased from 6 percent to 20 percent for opencast mines in Zambia.

As quoted in the publication:

"Kansanshi Smelter will produce 300,000 to 350,000 metric tons of copper a year, John Gladston, a company spokesman in Zambia, said today in an interview. The $1.9-billion Sentinel mine will produce 270,000 to 300,000 tons of copper metal in concentrate annually, Gladston said by phone.

Click here to read the full Bloomberg article.