26th Jan 2016 14:35
LONDON (Alliance News) - First Quantum Minerals Ltd said Tuesday said it is evaluating a number of options to independently secure power for its operations in Zambia both in the near and long term.
Additionally the company said that its actions to reduce its net debt position by over USD1 billion by the end of the first quarter of 2016 are proceeding as planned.
First Quantum said that Zambia is in the midst of its annual rainy season, and with the onset of the rains the area that feeds the Kariba dam, from which a majority of the country's electricity is generated, is being recharged.
Around 420 megawatts of new in-country capacity is expected to come online during the current year from projects nearing completion, and Zambia's state-run power company is importing power from neighbouring countries, as well as further power imports of up to 300 megawatts from another utility in the region and a further 200 megawatts from an independent power producer.
The company's Zambian operations are currently being provided a total of around 285 megawatts, which allows for normal operations at its Kansanshi mine and smelter complex, and for its Sentinel complex to operate at above nameplate capacity throughput, it said.
Shares in First Quantum Minerals were up 3.2% at 132.75 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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