Announcement Date: 2022-03-28
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: First Quantum Minerals Ltd.
Project name: Ravensthorpe
Location: Australia
Commodities: Aluminium,Nickel,Iron,Cobalt
Highlight: Updated Resource and Reserve Estimates for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: This report is a National Instrument 43-101 (NI 43-101) Technical Report, with an effective date of December 31, 2021, describing the current status of the Ravensthorpe Nickel Operation (RNO or the operation) in Western Australia. RNO is operated by FQM Australia Nickel Pty Ltd (FQMAN). FQMAN is owned by FQM Australia holdings Pty Ltd (FQMA) which is in turn owned 70% by First Quantum Minerals Ltd Pty (FQM) who is the issuer of this report. The remaining 30% of FQMAN is owned by POSCO Holdings Inc. POSCO Holdings Inc. is South Korea’s largest steel producer as well as a leading integrated producer of cathode and anode materials for the electric vehicle battery sector. POSCO Holdings Inc. is expanding its secondary battery material business for which Ravensthorpe will provide a portion of the feed. FQM previously filed a Technical Report for the operations in 2013 (RNO, 2012). RNO consists of 5 discrete nickel laterite deposits (Halleys, Hale-Bopp, Shoemaker-Levy, Shoemaker-Levy North and Nindilbillup) and associated mining and processing infrastructure. Mining first started in 2010 with the ore (limonite and saprolite) being mined using low cost, simple open cut mining.
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