LUSAKA, ZAMBIA – First Quantum Minerals (FQM) is working with ZESCO to help source imported power and enable the state utility company to reduce the burden on the national grid

As Zambia’s largest copper producer, FQM operates the Kansanshi and Trident mines in North-Western Province, making a critical economic contribution to national export earnings, government revenue and employment.

The company currently buys an average of 224,000 megawatt hours of electricity every month from ZESCO, which recently invoked the force majeure clause in its power supply agreements with some mines, signalling a need for supplementary power to be purchased from outside the country.

As a result, FQM has negotiated electricity supply agreements with regional power traders as part of a plan to secure 20 percent of its power needs from imported sources.

“Given the critical importance of the mining industry to Zambia’s economy and continued prosperity, FQM has been working with ZESCO to ensure the FQM mines can continue operating uninterrupted during this low generation capacity period. With load-shedding extended to mining companies as well, importing power will ensure FQM 2024 and 2025 production plans are maintained. The cost of imported power will be higher, but these are unusual times and our teams are looking at various efficiency improvement and cost reduction initiatives to manage our overall costs,” said FQM Director – Zambia, Anthony Mukutuma.

-Ends-

About First Quantum Minerals Ltd

First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.

In 2023, First Quantum globally produced 708,000 tonnes of copper, 227,000 ounces of gold and 26,000 tonnes of nickel.

In Zambia it operates the Kansanshi mine and smelter in Solwezi and the Sentinel mine in Kalumbila.

The company is listed on the Toronto Stock Exchange.