Maravi

First Quantum to increase mining operations in N/Western Province

First Quantum to increase mining operations in N/Western Province
By Chiwoyu Sinyangwe
Wed 17 Feb. 2010, 04:00 CAT

FIRST Quantum Minerals (FQM) Limited, has announced plans to increase its control in the mineral-rich North Western Province by acquiring 10 per cent of the issued share capital of Kalumbila Minerals Limited.

President Clive Newall said FQM, who own Kansanshi Mines, had announced the exercise of options for shares in Kalumbila Minerals Limited.

Newall said FQM, through its wholly-owned subsidiaries, Kiwara Limited and Kiwara Resources Zambia Limited exercised options granted to them by LM Engineering Limited to purchase 10 per cent of the issued share capital of Kalumbila Minerals Limited being a total of 670,000 ordinary shares.

Kalumbila Minerals Limited is the holder of prospecting Licence 267 which hosts the Kalumbila and Kawako copper and nickel prospects in North West Province.

“As consideration for the Option Shares, Kiwara has paid LM Engineering an aggregate of 5,910,000 British pounds and issued 20,400 new common shares, which will be called new “New First Quantum Share’ in the capital of First Quantum.

“As a result of the exercise of options, First Quantum will now hold 95 per cent of the issued share capital of Kalumbila,” Newall said. “In addition, First Quantum holds options, through Kiwara Zambia, to acquire the remaining 5 per cent interest in Kalumbila. An application was made today to the London Stock Exchange Plc for the New First Quantum Shares to be admitted to trading on the Official List. Furthermore, application has been made to the Toronto Stock Exchange for the New First Quantum Shares to be admitted to trading on the Toronto Stock Exchange.”

The New First Quantum Shares was admitted to trading on the official list and the Toronto Stock Exchange at 8:00 on Monday.

Labels: FIRST QUANTUM MINING, KALUMBILA MINERALS LTD, NORTHWESTERN PROVINCE

posted by MrK @ 3:06 PM