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First Quantum back to work after illegal strike ends

Stockhouse Editorial
0 Comments| July 26, 2012

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First Quantum Minerals Ltd. (TSX:T.FM, Stock Forum) said workers at its Guelb Moghrein mine are back to work after an illegal strike temporarily halted operations.

The Guelb Moghrein copper-gold mine, located 250 kilometres northeast of Nouakchott in the country of Mauritania in Northern Africa, currently produces 17,000 tonnes of concentrate per month at a grade 22.5% copper.

According to the press release, the Vancouver-based company temporarily suspended operations at the copper-gold mine earlier this month because of the illegal strike action.

Overall, the mine lost 12 production days, and is continuing to work through a government-facilitated mediation process to resolve differences with the unions.

First Quantum is a rapidly growing mining and metals company currently operating two mines and developing five projects worldwide.

On Thursday, First Quantum was up 5% and was trading at $18.07 a share. The company has a market cap of $8.6 billion, based on 467.3 million shares outstanding. The 52-week high and low was $27.12 and $12.60 respectively.



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