18 May 2007
The London Stock Exchange congratulates First Quantum Minerals on its move from AIM to the Main Market.
First Quantum Minerals is an international mining company whose principal activities include mineral exploration, development and mining in Africa, producing London Metal Exchange grade "A" copper cathode, copper in concentrate, gold and sulphuric acid.
With a market capitalization of £2.7bn, First Quantum Minerals is already the fastest growing copper producer in the industry. Its activities are concentrated in the African copperbelt, an unexploited, highly prospective region producing highest quality grade copper. The Company currently operates three copper mines, Kansanshi, in Zambia, Bwana/Lonshi, on the Zambia / DRC border and Guelb Moghrein, in Mauritania, with copper production for 2007 expected to be 240,000 tonnes.
The Group intends to build on its success through active exploration both in greenfield and brownfield sites, where it will seek to improve capacity with the use of technology. 2007 will see two significant projects take shape, construction is underway at both Frontier (DRC) and Kolwezi with the former expected to be complete in the third quarter of 2007.
Clive Newall, President of First Quantum Minerals, said “We are delighted to have joined the Main Market of the London Stock Exchange. The move should give us access to a broader range of institutional investors and allow closer comparison with our sector peers. We have had a busy 12 months with the acquisition of Adastra Minerals now fully integrated, and we look forward to continued strong news flow as we move through 2007.”
Advisors to the company are Citi (Financial Advisor and Broker); Numis Securities (Broker); Ashurst (Law Firm); and Hogarth Partnership (Public Relations Advisors).