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Workers at First Quantum Minerals’ Zambian copper/gold mine resumed work this morning after the country’s minister of labour intervened to end the two-day wage strike.
Yesterday, the company had announced that it was suspending production at its 80%-owned Kansanshi mine due to the labour dispute.
“Every effort is being made to understand and resolve the issues behind the dispute and we will keep our stakeholders informed of developments as warranted,” commented Philip Pascall, First Quantum’s Chairman and CEO.
It has been a day full of good news for First Quantum. The company announced that it has reached an agreement with Eurasian Natural Resources Corporation PLC (“ENRC”) to dispose of its residual claims and assets in respect of the Kolwezi Tailings project, and the Frontier and Lonshi mines and related exploration interests. All of them are located in the Katanga Province of the Democratic Republic of Congo (“DRC”). First Quantum will settle all current legal matters relating to these interests for a total consideration of US$1.25 billion.
Pascall said that the agreement brings to a close First Quantum’s current involvement in the DRC and secures substantial compensation for its shareholders for the loss they have suffered.
6 Comments
Kuta
First Quantum shall be careful as shall be all other mining houses. The president of Zambia has created an environment that is not conducive for good workers relationship. Beware!
Bob
Fun comment Kuta.Which environment has the President created?We all know that at beginning of the year strikes are common in the mines because that is when new salaries are negotiated.If anything a wave of strikes that happened after September elections where in companies that defied labour laws.The only promise he made and has fulfilled was to lessen the income tax burden on the workers, both private and civil.Your comment seems to scare the hell out of mining companies which at the moment are enjoying the peace and tranquility of the country.Be careful Kuta
Ruben
Its about time South Africa has got the sam problem but no guts to tell the workers to stop Why did First Quantum’s stoped everything in the Congo and if Zambian people dont stop their strikes the same is gonna happen in Zambia you can have all the minerals in the world but if you dont have the money you go back to where you wrer 100years ago with nothing
Ruben
Rj-55
Ruben is right the workers has created a WE DEAMAND culture and that is bringing the MINING industry and the whole of Africa to a hold The whole of Africa is unproductive wages are higher than income what are they going to do if the Europeans turns their back on them they will have to go back to stone ages
Who gave the money for all the development in Africa it wasn’t for the Europeans that came with money and skills the whole of Africa would still be a jungle and with 300million less mouths to feed It’s about time that we respect the people that are willing to invest in our country’s and feed our children and provide us with our daily bread John
Smk
Rj-55 your thinking is terribly shallow. Africans never and are still not coming to you “Europeans” to seek mineral (natural resources) investment capital, instead you are all falling over each other for Africa’s endowments. Did you ever ask your High School teacher why? Think a little bit deeply Rj-55!!
Bob
For your information, if I recollect my high school history the Europeans used a gun to get the mineral rights, they even fought each other in a land which in the first place did not belong to them.I do not believe wages in Africa are high and unproductive.In pre-colonial Zambia ,Europeans used what they called native labour in the mines.This native labour was pretty cheap and they were provided with worst accommodation.In mine towns in Zambia this small houses located in highly polluted areas are still there as a testimony of a brutal past which no one would want to recall.My late grandfather told of how he was beaten for not seeing a steel scrap buried in the ore on the conveyor.Right now I am witnessing a different ball game for the Europeans which I think if do not restrategise the all of African minerals wiil be under Chinese.The dragon is veracious and it is spending big.