Thursday, May 13, 2010

First Quantum Minerals' (TSE:GM) China Loan

First Quantum Minerals' (TSE:GM) should be a recipient of part of the $5 billion in loans offered by China to private operating mining companies in Zambia.

President Rupiah Banda, said that the China Development Bank has made a deal with the Ministry of Mines to offer medium- and long-term loans to private mining companies with operations in the country.

China is also financing a power plant, committing $1 billion to build out the electricity in the country, with the plant's output adding 600 mega for the electricity the country will be able to use. The plant is scheduled to be completed in 2017.

Along with First Quantum Minerals, other mining companies to receive loans are Glencore International AG, Vedanta Resources, Metorex and Equinox Minerals.

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