Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
In a press release today by the company, First Quantum Minerals has announced that it has “temporarily suspended normal operations at its Guelb Moghrein copper-gold mine in Mauritania due to illegal strike action by some unionized employees.”
The strike began after protests at the Guelb Moghrein copper-gold mine left one person dead.
The Globe and Mail reported that demonstrators clashed with security forces outside the Mauritania mine over the weekend as workers demanded better pay and conditions.
It is unclear how the mine’s production will be impacted in the long run, but First Quantum’s stock price has dropped 6% since protesters raised their voices on Friday.
“The company continues to work through a government-facilitated mediation process to achieve a resolution to the illegal strike and will update stakeholders as warranted,” First Quantum said in their release.
The Guelb Moghrein mine, which employs 1,500 people, produces 63,000 ounces of a gold and 37,000 tonnes of copper annually and makes up roughly 7.5% of the company’s net asset value.
3 Comments
Masokhumalo
are you sure it is 35 million tonnes of copper????? or is it ore processed?
^
Its actually 35 thousand tonnes of copper… good display of mining knowledge Joshua.
josh zapf
Thousand, good catch.