First Quantum Minerals To List On Zambia Bourse July 6

Zambia’s largest copper miner by output, First Quantum Minerals Ltd. , will list shares on the Zambian stock exchange July 6 as seeks to grow its presence in that country, a company official said Tuesday.

First Quantum, which is already quoted on the Toronto Stock Exchange, will list at least 40 million ordinary shares on the Lusaka Stock exchange, Godfrey Msiska told Dow Jones Newswires in a telephone interview.

“The listing will give Zambians a chance to identify and participate in the growth of First Quantum Minerals,” he said.

The shares will be priced at an initial 4,700 Zambian Kwacha [$0.95] each.

First Quantum operates Zambia’s largest copper mine by output, the Kansanshi Copper Mines located on the country’s North Western province, and is in the process of developing the $1 billion Trident Copper Mine in the same province.

First Quantum said earlier this month that it is planning to build a $500 million copper smelter in the Northwestern Province in order to ease costs and end over reliance on Copperbelt-based smelters.

First Quantum is also expected to invest at least $350 million in expansion projects at Kansanshi in the next three years as it seeks to ramp up annual copper output to 400,000 tons by 2015. Last year, Kansanshi produced 231,000 tons of copper.

First Quantum also operates the Guelb Moghrein coppermine in Mauritania.

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