Zambian copper project gets the go-ahead
Copper mining company First Quantum Minerals has signed a US$1bn senior-term revolving facility agreement with three international banks for the Kansanshi mine in Chingola, Zambia.
Standard Chartered, Standard Bank and BNP Paribas are acting as mandated lead arrangers on the transaction.
The contract will be signed by Kansanshi Mining, holder of First Quantum's 80%-owned Kansanshi copper-gold project in Zambia.
The five-year facility featuring flexible drawing provisions will enable Quantum to proceed with the construction of the Kansanshi project. The first drawdown is expected during Q1 2012.
The Kansanshi mine can produce 250,000 tonnes of copper and more than 100,000 ounces of gold per year. A multi-stage expansion project aims to increase the copper output capacity to approximately 400,000 tonnes by 2015.
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