First Quantum Minerals Ltd. announced that they will report Q4, 2009 results on 03/15/2010

First Quantum Minerals Ltd., Q4 2009 Earnings Call, Mar-16-2010

First Quantum Minerals Ltd. announced the finalization of the acquisition of the Ravensthorpe Nickel Operation in Western Australia following the receipt of the relevant Government approvals. The acquisition will take effect on February 10, 2010. The company is planning to spend the next 12 months constructing two crushing plants in the modification of the crushing, conveying, stockpile and reclaim areas of the plant. This is expected to be followed by approximately six months of commissioning and ramp-up. The capital requirement for the modification is estimated at approximately $150 million, depending on currency exchange rates. The project is located in Ravensthorpe, Western Australia, approximately 550 kilometres south-east of Perth. It is an open cut mine and hydrometallurgical process plant that uses proven technology to recover nickel and cobalt to produce a mixed nickel cobalt hydroxide intermediate product. The Company expects the project's average annual production of nickel metal will be approximately 39,000 tonnes for the first five years after recommencement of operations and an average annual production of 28,000 tonnes of nickel metal over the expected life of mine of 32 years. Ravensthorpe's development was completed in 2007 however; operations were suspended in January 2009 after the LME nickel price dropped to as low as $8,810.00 per tonne in late 2008.