(LUSAKATIMES) First Quantum Minerals chairman Philip Pascall praises Sata after government approves construction of new mine

Sunday, May 13, 2012

(LUSAKATIMES) First Quantum Minerals chairman Philip Pascall praises Sata after government approves construction of new mine

First Quantum Minerals chairman Philip Pascall praises Sata after government approves construction of new mine
TIME PUBLISHED - Sunday, May 13, 2012, 8:36 am

FIRST Quantum Minerals (FQM) chairman Philip Pascall has praised President Michael Sata for demonstrating strong commitment to boosting investor confidence in the Zambian economy.

Mr Pascall, who is also FQM chief executive officer, said the decision to proceed with Sentinel Copper Mine “strongly” validated Mr Sata’s pledge to see greater investment that was mutually beneficial to investors and Zambians.

The acknowledgement comes barely days after FQM announced a go-ahead for full construction of the company’s K8.8 trillion (US$1.7 billion) Sentinel Mine, the first of the three potential mines at the Trident project in North-Western Province.

The decision followed confirmation from Zambia’s State-owned electricity company, Zesco, for the connection and supply of power to the mine.

“We greatly appreciate the efforts of Honourable Christopher Yaluma, Minister of Mines, Energy and Water Development for his leadership and tireless efforts in guiding the project to this stage.

“We also wish to thank Cyprian Chitundu, managing director of Zesco and Andrew Chipwende, CEO of the Zambia Development Agency and their teams for their valuable and constructive input,” Mr Pascall said.

He reiterated that Sentinel would be a major catalyst for the diversified growth of the Zambian economy, and would significantly augment the benefits and opportunities for Zambians.

[Times of Zambia]

Labels: FIRST QUANTUM MINING, MICHAEL SATA, MINING