Canada's First Quantum Minerals plans to invest $1 billion in a new copper mine dubbed "Trident" - development to start in 2011 and finish by 2014. The investment will include a copper smelter to handle concentrate from a mine expected to produce 300,000 tonnes of copper annually at peak production. According to FQM President, Clive Newall, "the initial capital investment for the project will be approximately $600 million, rising to $1 billion with construction of a new 1.0 Mtpa copper smelter..an additional $400 million would be spent on future upgrades". The investment will allegedlly come with a new town and a multi-facility economic zone which will directly em ploy 2,000 people. Coverage in various sources including Mineweb and Reuters. No word on their fiscal assumptions.
Its election year of course and a lot riding at stake. Investments become real when they actually materialise. This is not the first time we have heard of a proposed investment bigger than Lumwana. We have yet to see the great Zhongui Mining Group project which promised to deliver 34,000 jobs. Caution should therefore be advised.
Its election year of course and a lot riding at stake. Investments become real when they actually materialise. This is not the first time we have heard of a proposed investment bigger than Lumwana. We have yet to see the great Zhongui Mining Group project which promised to deliver 34,000 jobs. Caution should therefore be advised.
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