FQM PRODUCES 779,000 TONNES OF COPPER
First Quantum Minerals -FQM- Ltd recorded its highest ever annual copper production of 779,000 tonnes in the fourth quarter of last year.
The high production of copper is partly attributed to its operations at Sentinel mine in Zambia.
An announcement of preliminary production results issued by the Lusaka Securities Exchange – LuSE – to ZNBC News in Lusaka today notes that last year’s fourth quarter production recorded an 11 percent increase.
The statement further notes that the resilience of FQM’s other operations, particularly Cobre Panama, in dealing with the significant challenges brought about by COVID-19 during the year contributed to the increased production.
The statement notes Sentinel achieved record copper production of 251,000 tonnes for the full year which was 31,000 tonnes more than 2019, reflecting a significant increase in output to 57 million tonnes for the year.
It reveals that Copper production in quarter four of last year at Sentinel increase by 24-percent standing at 63,000 tonnes which is attributed to continued higher output and favourable grades.
However copper production at Kansanshi Mine in quarter four of 2020 recorded an 8 thousand tonnes decline after recording 53,000 tonnes owing to lower grades and oxide recoveries.
The LuSE says the preliminary production figures are subject to final adjustment with final production figures expected to be confirmed in FQM’s financial results for Quarter four and year ended December 31, 2020.
The Mining giant says it has continued maintaining defensive health and sanitary protocols in line with observing Covid-19 measures after recording some cases among the workforce.
The statement further notes that 2020 saw capital expenditure being approximately 50-million dollars lower than the issued 6-hundred and 75-million dollars.
It has however projected 950-million dollars capital expenditure in 2021 and 2022, which includes 40-million dollars in each year on the smelter expansion at Kansanshi and 270-million dollars for the proposed expansion at Kansanshi.