First Quantum Plans $275 mln Investment In Zambia Nickel Mine

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Canadian mining firm First Quantum Minerals plans to invest $275 million in a new nickel mine in Zambia, a company official said on Saturday.

First Quantum Plans

Canadian mining firm First Quantum Minerals plans to invest $275 million in a new nickel mine in Zambia, a company official said on Saturday.

The Enterprise nickel project is the second of three mines planned by First Quantum in Zambia that are jointly known as Trident, John Gladston, Trident Resource Optimisation Manager told Reuters.

The Enterprise mine would produce an average of 38,000 tonnes of nickel in concentrate per annum with scope to increase to 60,000 tonnes when market conditions allowed, Gladston said.

"The Enterprise development requires a capital investment of $275 million, which lifts the total approved capital estimate for the Trident project to $2 billion," he said.

Enterprise is located 12km (7 miles) north of First Quantum's Sentinel copper mine, making the nickel project a low-cost operation as it would share infrastructure with the copper mine, he said.

Gladston said a exploratory drilling last year had revealed great potential in the nickel mine.

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