FQM Suspends Operations at Kansanshi Mine Following Fatal Accident
First Quantum Minerals has temporarily halted operations in the area of a fatal accident at its Kansanshi copper mine in Zambia, the company announced on Monday.
The accident, which occurred on Sunday, involved a tracked dozer and a light vehicle, resulting in the death of an employee.
The Canadian mining company has launched an internal investigation and secured the accident site. “Operations in the affected area will only resume once it is deemed safe to do so,” First Quantum stated.
The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold in the previous year, has faced safety issues in the past.
In November, two contractors at First Quantum’s Zambian operations, including one at Kansanshi, lost their lives in separate incidents.
First Quantum’s shares dipped 0.6% on the Toronto Stock Exchange following the news.
The company’s Zambian mines, including Kansanshi, have become crucial revenue drivers after its flagship Cobre Panama mine was shut down last December.
The closure followed public protests and a Supreme Court ruling that invalidated the company’s mining contract in Panama.
To mitigate the financial impact, First Quantum secured a $500 million, three-year copper prepayment agreement with Chinese miner Jiangxi Copper, under which Kansanshi will supply 50,000 tonnes of copper anodes annually.
In the second quarter of 2024, Kansanshi contributed $531 million to First Quantum’s total revenue of $1.2 billion.
