Zambia has granted environmental approval to First Quantum Minerals Ltd. (TSX: T.FM, Stock Forum) for a planned 300,000 tonnes per year $640-million copper smelter at its Kansanshi mine license area, the environmental management agency said.
First Quantum applied for environmental approval for the smelter in July, according to a report by Reuters News Service. The facility will be located about 600 kilometres northwest of Lusaka.
First Quantum shares fell 1.1% to $21.57, leaving the company with a $10.3 billion market cap, based on 476.3 million shares outstanding. The 52-week range is $25 and $16.46.