FQM and Zesco to launch construction of US$230 million power line in Zambia
January 30, 2013 – First Quantum Minerals Limited (FQM) and Zesco will start constructing a US$230mn power line from Lusaka to Solwezi for its Sentinel mine in Kalumbila, Zambia. FQM managing director and CEO Matt Pascall said in Solwezi that the company was in talks with Zesco more than the 330kV transmission line that would cover a distance of about 400km.
Pascall said FQM had already agreed to terms with Zesco and that the two parties were just awaiting a nod from the Zambia Public Procurement Authority to launch the project.
The CEO added, “We are in talks with Zesco for the construction of a power transmission line from Lusaka West up to our Sentinel mine in Solwezi at a cost of at least US$230mn.”
FQM will invest more than US$2bn in Sentinel Mine, which will be Africa’s biggest copper mine, with a production capacity of more than 500,000 tonnes of copper concentrates per year. Pascall revealed that Zesco has a number of projects meant to increase Zambia’s power generation capacity with expansion to Kariba North Bank as well as Kafue Gorge Lower.
“For now, we are the ones who need the power very soon, so we are ready to fund this project upfront,” he added.
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Source: African Review