Posted in | Copper | Mining Business

Problems in the Congo for First Quantum Minerals

First Quantum Minerals (TSX:FM), a Vancouver, British Columbia based mining and metals company, is facing a drop in production over the political uncertainty of its future of mining in Congo.

Copper output was down 8.3% to 85,400 tonnes in the second quarter for First Quantum Minerals. This is a direct result of limited investment in the Frontier mine in Congo.

Democratic Republic of Congo (RDC) state-owned mining agency, Societe de Developpement Industriel et Minier du Congo (Sodimico) had challenged the mining rights given to First Quantum. This resulted in the Congolese Supreme Court annulling rights at its Kolwezi, Frontier and Lonshi projects.

While the mining at Frontier copper mine continues as there has been no direct action taken by the authorities to shut down the mine, the uncertainly of the situation has led the company to reduce capital investment in the mine at this time.

The company has lowered its 2010 copper production forecast by 6.5% due to the 7.7 % drop in copper production. The shares of the company also came down 1.1% as a result of the lowered production forecast.

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