FQM CEO Assesses Progress of S3 Expansion at Kansanshi
Tristan Pascall, the Chief Executive Officer of First Quantum Minerals (FQM), embarked on a visit to the Kansanshi mine in Zambia to personally oversee the advancement of the S3 expansion project.
This initiative, part of a substantial investment totaling US$1.25 billion, is set to fortify the mine’s infrastructure, elevate production capabilities, and sustain economic growth in the region until the 2040s.
The S3 expansion encompasses various facets including the enlargement of the mine pit and accompanying fleet, construction of a cutting-edge processing plant, and a significant augmentation of the Kansanshi smelter.
Upon completion, the project is poised to elevate copper production to over 200,000 tonnes annually, further cementing Kansanshi’s stature as a global mining asset while fostering job creation and economic prosperity in Zambia.
In light of recent disruptions at the Cobre Panama mine in Panama, First Quantum Minerals has taken proactive measures to ensure the uninterrupted progression of the S3 expansion. The company successfully secured US$3.3 billion as part of a comprehensive refinancing initiative coupled with a copper pre-payment arrangement.
Furthermore, the extension of debt facilities through mid-2027 provides a strategic pathway to fulfill commitments to Zambia and expedite the completion of the S3 expansion.
Expressing his satisfaction after inspecting the site, CEO Tristan Pascall underscored the significance of the project’s progress, stating, “It’s great to be at Kansanshi, and to see that the S3 development work is progressing on the ground according to plan. Kansanshi – and Zambia, in general – has been the mainstay of our mining activity for the last twenty years, and will be just as important to us for the next twenty.”
Pascall continued, “We’ve had to adapt ourselves to unforeseen circumstances over the last few months, but we’ve met challenges before, always finding a way through and coming out stronger. Completing the S3 expansion on schedule is a priority for us, and the actions we have taken recently puts us in a strong position to do just that. I look forward to my next visit here, to see this project through to its completion.”
