First Quantum Escalates Conflict With Zambia With 2,500 Planned Layoffs

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About: First Quantum Minerals Ltd. (FQVLF)
by: Gold Panda
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Gold Panda
Gold, long only, Deep Value, long-term horizon
Summary

FQVLF becomes the first major mining company in Zambia to announce layoffs as a result of the new taxes.

The company accounts for over half of the country's copper output, which, in turn, is equal to more than 70% of its foreign-exchange earnings.

I think that both Zambia and FQVLF are backed into a corner and none of them can afford to lose this.

Introduction

On 21 December, First Quantum Minerals (OTCPK:FQVLF) announced that it would lay off 2,500 employees at its Kansanshi and Sentinel copper mines in Zambia due to the government's plan to increase mining