FOR IMMEDIATE RELEASE
WITH PICTURES
NOVEMBER 19, 2024

CABINET MINISTERS TOUR UNDERSCORES FQM’S ROLE IN ACHIEVING ZAMBIA’S COPPER PRODUCTION AMBITIONS

KALUMBILA, ZAMBIA – Zambia’s government has reaffirmed its commitment to fostering a favourable investment climate in the mining sector, citing significant production increases as evidence of the success of its policies.

Following a recent visit by the Ministers of Finance and National Planning, Dr Situmbeko Musokotwane, Mines and Minerals Development Minister, Paul Kabuswe, Minister of Information and Media and Chief Government Spokesperson, Cornelius Mweetwa, Minister of Labour and Social Security, Brenda Tambatamba and North-Western Province Provincial Minister, Robert Lihefu to First Quantum Minerals’ Kansanshi and FQM Trident mining operations in North-Western Province, government highlighted a substantial rise in copper production, exceeding expectations and bringing the country closer to its ambitious target of 3 million tonnes per annum by 2031.

The visit aimed to assess the impact of the government’s policies on copper production and its contribution to the national economy, as well as the on-the-ground impact of government policies focused on predictability and stability within the mining industry.

Speaking during the tour Mines and Minerals Development Minister, Paul Kabuswe highlighted the government’s ambitious target of reaching 3 million tonnes of copper production per annum by 2031, emphasising that increased production would result in job creation, revenue generation, and social development.

Mr Kabuswe underscored the positive impact of the current administration’s policies on predictability and stability within the mining sector.
Then he also noted that the government’s commitment to policy stability and predictability has significantly influenced growth in the sector.

“His Excellency, the President, tasked us to evaluate how the mining sector in the North-Western Province is responding to the New Dawn administration’s policies. The government’s vision to ramp up copper production to 3 million tonnes annually by 2031 is already translating into tangible progress, with increased production, employment, and revenue,” said Mr Kabuswe.

He further highlighted Kansanshi Mine’s achievements, which include a projected 22 percent increase in copper production this year compared to 2022, and the revitalisation of the S3 Expansion Project.

With respect to copper production, Kansanshi Mine last year produced around 135,000 metric tonnes. This year, Kansanshi Mine is poised to increase production by 22 percent, meaning the policy environment and the vision has actually triggered that…In the mining sector, that is huge. That is a huge jump. And as such, that is leading us to the three million tonnes of copper,” he continued.

Speaking at the same event, Minister of Information and Media and Chief Government Spokesperson, Cornelius Mweetwa emphasised the mining sector’s pivotal role in Zambia’s economic stability.

“In the year 2024, this year, ZRA has contributed 71 percent of its connections to the treasury or to the national budget, and out of that 71 percent, between 37 percent to 40 percent is revenue coming from one sector, the mining sector. So that is the reason why we say the mining sector is at the backbone of Zambia’s economy, and there, the mines are working. The mines are contributing their fair share to ensuring that our economy is up and running,” he said.

And FQM Country Manager, Dr Godwin Beene, commended the government for fostering private-public partnerships and addressing key challenges in the sector. He went on highlight some of the areas threatening operational efficiency and needing heightened attention from stakeholders, including illegal mining activities and theft in the sector.

“The issue of illegal mining and encroachment is a serious concern. We are working closely with communities to enhance security and awareness. Additionally, theft of materials, including copper concentrates and equipment, needs stronger collaborative efforts to address,” Dr Beene stated.
The visit reaffirmed the government’s commitment to ensuring that mining growth benefits the nation holistically, creating employment and driving economic and social transformation.

First Quantum is a long-term partner and is highly committed to contributing to the sustainable growth of the nation’s mining sector. FQM’s strategy focuses on investing in local businesses and communities, believing this approach is crucial to Zambia’s long-term socio-economic development and prosperity for its citizens. This commitment extends to actively supporting national objectives through responsible local procurement, fostering meaningful partnerships, and developing a strong local manufacturing base capable of meeting both domestic and international demands.

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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 707,678 tonnes of copper, 226,885 ounces of gold and 26,252 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi, and the Sentinel copper mine and the Enterprise nickel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/

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