First Quantum Minerals is aCanadian-basedmining andmetals company[3] whose principal activities include mineral exploration, development and mining. Its main product iscopper, which accounts for 80% of revenues as of 2016.[4]
First Quantum was founded in 1983 under the nameXenium Resources. It changed its name toZeal Capital in 1989,First Quantum Ventures in 1993, and First Quantum Minerals in 1996.[6] Its first significant operation was theBwana Mkubwa mine inZambia, acquired in 1996.[7]
In 2006 First Quantum acquired London-basedAdastra Minerals for£140,000,000 in cash and stock.[8] In 2008, First Quantum acquired Toronto-basedScandinavian Minerals Ltd developing theKevitsa mine inLapland, northernFinland. In December 2009, First Quantum acquired theRavensthorpe Nickel Mine inWestern Australia for US$340 million fromBHP Billiton.[9] In October 2010, First Quantum announced plans to acquireAntares Minerals for $450 million.[10] In November 2010, First Quantum sold its stake inEquinox Minerals.[11] In April 2013, First Quantum successfully completed a hostile takeover ofInmet Mining for CAD$5.1 billion. In June 2013, it was announced that FQM would have to lay off 500 workers at theSentinel mine in Zambia as it could not sustain their upkeep while waiting for the lifting of a protection order on its operations from the Zambia Environmental Management Agency.[12]
In 2016, it sold the Kevista mine toBoliden AB for US$712 million.[13] In March 2017 First Quantum announced it had launched a $1.6 billion offering of Senior Notes due 2023 and 2025.[14] In December 2017, First Quantum was announced as "the major mining company that will complete the Pebble Limited Partnership" by Ron Thiessen, president and CEO of Northern Dynasty Minerals Ltd., which is currently the sole owner of thePebble Partnership.[15]
In 2016, First Quantum was ranked as being among the 13th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.[16]
In December 2019, Chinese state companyJiangxi Copper agreed to buy a subsidiary of First Quantum's largest shareholder, Pangaea Investment Management Ltd, which holds 17.6 percent of First Quantum, causing shares to spike up to five percent.[17]
In January 2022, negotiations between the Government of Panama and FQM started to define a new contract concerning theCobre mine, Panama.[18] First Quantum's subsidiary Minera Panamá S. A. made proposals to the Government of Panamá including yearly payments of US$375 million in tax and royalty revenue. These payments were offered under the condition that metal prices and profitability of this mine would not drop significantly. However, the Government of Panamá halted discussions in December 2022 and announced plans to order the suspension of operations at this mine.[19]In February 2023, the Cobre Panama mine suspended ore processing operations after copper concentrate loading operations at Port Rincón were halted due to a resolution issued by the Panamá Maritime Authority. Ship loading and ore processing resumed on 8 March 2023.[20] Thecongress of Panamá approved the revised contract concerning the Cobre Panama mine asBill 1100 in October 2023, which was signed by the President of Panamá asLaw 406.[21][22] Protests led to a moratorium on metallic mining throughout the country, "for an indefinite term", excluding already approved concessions, through Bill 1110, which was approved with 59 votes by the National Assembly (AN), on 3 November 2023. However, the constitutionality of the already approved new concession between the Government of Panana and Minera Panamá S. A. was questioned, leading to more uncertainty.[23][24] These concessions have led to massive protests in many places of the country that are still ongoing, with the protesters accusing the government of corruption and accepting bribes in order to give overly favorable conditions to the company.[25][26][27]
FQM reported that its subsidiary MPSA made a tax and royalty payment on 16 November 2023 of $567 million for the period from December 2021 to October 2023. This payment is one of the largest ever tax and royalty payments in the history of the global copper mining sector and is the largest fiscal payment ever made in Panama. However, an illegal blockade of small boats at the Punta Rincón port continues to prevent the delivery of supplies that are necessary to operate the power plant of the Cobre Panama mine. This blockade forced the mine to temporarily halt production as of 23 November 2023.[24]
On 28 November 2023, the Plenary Session of the Supreme Court of Justice declared that Law 406 20 October 2023, which approves the mining concession contract entered into between the State and Sociedad Minera Panamá, S.A. is unconstitutional, a ruling issued unanimously.[28][29] Panama president said the Minera Panamá copper mine would be closed, hours after the country's Supreme Court declared its contract unconstitutional.[30]
TheKolwezi tailings project was a major project to extract copper and cobalt from the tailings of older mining operations aroundKolwezi. It was expected to produce around 70,000 tonnes per year of copper metal and up to 14,000 tonnes per year of cobalt hydroxide.[31]In August 2009, the DRC government revoked First Quantum's license due to a dispute over renegotiating the contract.[32] First Quantum ceased operations in September 2009, putting 700 people out of work.[33] First Quantum had spent $750 million on acquiring and developing the property. First Quantum took out an action against the DRC government in the International Chamber of CommerceInternational Court of Arbitration.[34]
TheFrontier Mine is an open pit copper mine located nearSakania. First Quantum obtained exploration licenses in January 2001 and July 2002. Production began in 2007, and in 2010 the mine yielded 322,700 tonnes of copper.[35] TheLonshi Mine is an open pit copper mine that produces high-grade oxide ore that was transported toZambia for processing at theBwana MkubwaSX/EW plant 35 kilometres (22 mi) away. The mine was closed after the governor ofKatanga Province,Moses Katumbi, banned the export of ore to Zambia, insisting that it should be refined in Katanga.[36] In May 2010, a Congolese court ruled that FQM's Lonshi andFrontier copper mines had been awarded illegally and that they should revert to state-ownedSodimico.[37] According to FQM, the ruling was due to FQM's decision to contest the expropriation of its Kolwezi tailings project, which was later sold to theKazakh mining companyEurasian Natural Resources Corporation.[38]
First Quantum currently operates mines and development projects in Africa, Australia, Finland, Spain, Turkey and Latin America.[39] In 2022 First Quantum produced 775,859 tonnes of copper, 21,529 tonnes contained tonnes of nickel, 283,226 ounces of gold. Copper was responsible for 86% of revenues, gold 5% and nickel 6%.[40] As of December 2022, First Quantum operates seven mines.
Sentinel Mine, a copper mine in north-west Zambia opened to commercial production in 2016. The name was changed in 2024 to FQM Trident mine.[citation needed]
Çayeli mine, a copper/zinc mine in easternTurkey. This mine was acquired through the take-over of Inmet Mining Corporation, and started production in 1994[citation needed]
Las Cruces mine, a copper mine inSevilla Province, Spain, acquired through the take-over of Inmet Mining Corporation[citation needed]
Pyhäsalmi mine, a copper/zinc mine in central Finland, acquired through the take-over of Inmet Mining Corporation[citation needed]
Cobre mine, Panama, a copper mine in Panama acquired through Inmet Mining Corporation, which started commercial production in 2019.[42]
Fishtie copper project inCentral Province, Zambia. At the end of September 2012, First Quantum Minerals announced that it had entered into a joint venture with a Zambian-based mining company called Mimosa Resources. The purpose of the venture is to develop the Fishtie copper project in theMkushi District near the border with theDemocratic Republic of Congo.[43]
A copper project in Panama,Cocle andColon, which has led to multiple protests[44] in the country in 2023
Haquira mine, a copper deposit in theApurímac Region in southern Peru acquired through the purchase of Antares Minerals in 2010
Pebble Mine, inLake and Peninsula Borough nearBristol Bay in southwestAlaska, United States, the most significant undeveloped copper and gold resource in the world. Pending an option agreement to purchase 50% interest in the PLP
Kevitsa mine,Sodankylä,Finland. Main products are nickel and copper, by product PGE elements. Open pit mine opened in August 2012, and sold in June 2016 toBoliden AB.
Troilus Gold-Copper Mine, closed in 2008 by Inmet, located in northernQuebec, Canada
