Bloomberg News

First Quantum Plans to Sell Shares on Zambian Exchange

June 09, 2011

(Updates with bourse CEO’s comments in second paragraph.)

June 9 (Bloomberg) -- First Quantum Minerals Ltd. plans to sell shares on Zambia’s stock exchange as it expands operations in the southern African nation, said Beatrice Nkanza, the chief executive officer of the bourse.

“The listing is end of June,” Nkanza said today by phone from Lusaka, the capital. “The more the demand from the market, the more shares they will offer.” The Vancouver-based company planned to start a roadshow on June 13 to test investor appetite for shares, she said.

First Quantum, seeking to diversify after a battle over mining rights in the Democratic Republic of Congo, announced in January it planned to invest more than $1 billion to build the Trident copper mine and a smelter in Zambia, Africa’s biggest producer of the metal. Its Kansanshi and Kalumbia will produce 700,000 metric tons of copper by 2015, Chief Executive Officer Philip Pascall said on April 29.

The company will also build a new hydropower station near the Trident mine to ensure continuous supply of electricity, according to Pascal.

Copper for delivery in three-months fell 0.7 percent on the London Metal Exchange to $8,970 a ton by 11 a.m. in Johannesburg.

--With assistance from Gordon Bell in Johannesburg. Editors: Gordon Bell, Karl Maier

To contact the reporter on this story: Anthony Mukwita in Lusaka at amukwita1@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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