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In a significant development, First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) has declared commercial production at its Enterprise nickel mine as of 1 June 2024. Located 12 km from the company’s Sentinel copper mine in Zambia’s North Western Province, the Enterprise project reached this milestone just over two years after construction began, exemplifying the company’s commitment to sustainable growth.
The Enterprise project was approved two years ago alongside the S3 Expansion project at Kansanshi, following the New Dawn administration’s commitment to mining sector reforms in Zambia. This initiative aimed to create a more stable, durable, and responsible mining environment. The Fraser Institute’s annual mining survey highlights Zambia’s improving investment climate, with the country’s ranking rising from 58 to 34. Zambia now holds the third highest ranking in Africa, surpassing traditional mining powerhouses like Chile and Peru. This progress underscores the administration’s efforts to enhance the mining sector’s investment climate.
In Q2 2024, Enterprise produced 6,147 tonnes of nickel, up from 4,031 tonnes in Q1. The positive results from the first half of the year supported the decision to declare commercial production. With improving mining volumes and strong plant performance, the 2024 production guidance has been adjusted to 17,000 to 20,000 tonnes of contained nickel, up from the previous range of 10,000 to 20,000 tonnes. The Enterprise operation has also created 929 new jobs, increasing the total workforce at FQM Trident to 8,505.
Anthony Mukutuma, FQM Director Zambia, stated, “First Quantum is known for project execution and operational excellence. The successful commercialisation of Enterprise highlights the capabilities of our internal projects team. With over 28 years in Zambia, First Quantum remains committed to the region, as demonstrated by the Enterprise milestone and the upcoming S3 Expansion Project at Kansanshi. We aim to complete the S3 Plant construction by H1 2025 and commence ore processing shortly thereafter. Looking ahead, First Quantum will expand its exploration program in Zambia, initially focusing on areas around our current operations and then exploring new sites across the country’s mining regions.”
