First Quantum Minerals Ltd.
TSX : FM
LSE : FQM

First Quantum Minerals Ltd.

July 27, 2015 16:02 ET

First Quantum Minerals Announces Imposed Power Reduction at Its Zambian Operations

TORONTO, ONTARIO--(Marketwired - July 27, 2015) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today reported that, on July 22, 2015, it received notice of the declaration of Force Majeure for the supply of electricity to its Kansanshi operation from ZESCO, Zambia's state-run power company. Subsequently, on July 25, 2015, electricity supply to Kansanshi, including the smelter, was reduced to 117 megawatts from the steady-state level of 153 megawatts. Electricity supply at the Company's Sentinel project was also reduced to 42 megawatts from 55 megawatts. The supply reduction extends to all mining operations in the North Western province of Zambia.

In the notice of the declaration of Force Majeure, ZESCO stated that it has contracted independent power producers such as Maamba Collieries Limited and Itezhi Tezhi Power Corporation through the signing of Power Purchase Agreements to procure more electricity by the end of 2015.

Facilities at the Kansanshi mine, smelter and the Sentinel project are currently operating at reduced capacities while various options to alleviate the effect on production are being evaluated. As such, the Company is unable to provide estimates on the length of the supply reduction or its impact on production.

Further updates will be provided once this information is available.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

For further information visit our website at www.first-quantum.com.

Contact Information

  • North American contact:
    Sharon Loung
    Director, Investor Relations
    (647) 346-3934 or Toll Free: 1 (888) 688-6577
    (604) 688-3818 (FAX)
    sharon.loung@fqml.com

    United Kingdom contact:
    Clive Newall
    President
    +44 140 327 3484
    +44 140 327 3494 (FAX)
    clive.newall@fqml.com