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First Quantum reports reserve increase of 70% at Kansanshi operations

Kitco News

First Quantum Minerals (TSX:FM) said today it updated its mineral reserve and resource estimates showing an increase of 70% and 40% respectively at its Kansanshi Operations, as well as extending mine life to 24 years.

The increase comes from the company's Kansanshi Technical Report, which is based upon 1.5 million metres of resource expansion drilling and resulting assay data.

"This plan assumes a 25 million tonnes per annum (Mtpa) expansion of the sulphide ore processing facility and associated increase in mining capacity, increasing annual throughout to 52 Mtpa," wrote the company in a news release. "The timing of capital expenditure for the S3 Expansion is proposed for 2023/24 and commissioning envisaged in late 2024."

The company said timing of the capex spending could be accelerated or delayed depending on capital availability, commodity prices and the Zambian fiscal regime.

Mineral Resources at Kansanshi are now estimated at 939.6Mt at 0.67%TCu including Mineral Reserves, excluding stockpiles of 842.7Mt at 0.64% TCu.

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