First Quantum Minerals raises $3.3 billion refinancing package to boost operations

First Quantum Minerals (FQM) has raised about US$3.3 billion as part of a comprehensive refinancing package and a Copper pre-payment arrangement for its operations, Company officials say.

FQM Chief Executive, Tristan Pascall, stated that part of the funds raised was meant to ensure continuation of the S3 expansion at Kansanshi mine in the face of disruption to its Cobre Panama mine in Panama.

Pascal was on the ground at Kansanshi mine in Solwezi District of North Western Province to inspect the progress the company was making with its S3 expansion project.

He said the mining firm had also extended its debt facilities through to mid-2027, providing the pathway to deliver on its commitment to Zambia with the S3 expansion.

“Of a total investment commitment of US$1.25 billion, the majority of this is being spent this year to ensure the entire project is completed by mid-2025,” Pascal highlighted.

He stated that the S3 expansion entails an expansion of the mine pit and the mining fleet that services it, as well as the construction of a new processing plant and a major expansion of the Kansanshi smelter.

Pascal disclosed that the result would be to extend Kansanshi’s mine life as a world class asset into the 2040s.

Read More: FQM confirms moves to sell smaller assets, minority stakes; raises $500 million to support operations

“This will increase copper production to more than 200,000 tonnes a year while continuing to drive economic development and jobs in Zambia,” he said

Pascal stated that Kansanshi and Zambia, in general had been the mainstay of FQM mining activity for the last 20 years and would be important to the company for the next 20 more years.

“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,” he said.

Pascal added that completing the S3 expansion on schedule was a priority and the actions FQM had taken recently puts it in a strong position to do just that.

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