First Quantum sees no negative impact from potential Zambia default – CFO

The Toronto-based company, which operates the Lumwana mine, hasn’t received any notifications from the tax authority.

Zambia Revenue Authority claims the company owes $2.1 billion in penalties and $5.7 billion in interest.

Early output of 1,720 carats of emeralds, including 826 carats of top quality ones, was achieved through a bulk-sampling program carried out within eight weeks of the completing the acquisition of the mine

DRC's resolve to overhaul mining code shouldn't have surprised the industry – Kinshasa's become too important to global supply for companies to pull sticks.

Shares of First Quantum fell as much as 13 percent in Toronto and were down 12 percent when the stock was halted ahead of the statement.

The new code opens the door for royalties to increase up to five-fold on metals designated "strategic substances" by the government.

Rising copper prices were also expected to boost revenue collection in Africa's No.2 producer of the metal.

Glencore CEO flags China-Congo-cobalt nexus, responsible for 80% of global cobalt chemical production, a crucial ingredient of electric vehicle batteries.

Newly appointed Minister of Mineral Resources Gwede Mantashe said the key to regain investors and miners confidence in the South Africa’s mining sector was to finalize revised plans for black ownership in the industry in the coming weeks.