FQM ANNOUNCES STRONG 2024 ZAMBIAN PRODUCTION RESULTS AND FOCUS ON SUSTAINABLE GROWTH
First Quantum Minerals (FQM) has announced a strong performance from its Zambian operations in 2024, with strong copper, gold, and nickel production.
The company also reaffirmed its focus on sustainability and operational resilience, with the S3 Expansion project on track for completion in mid-2025.
The mining firm achieved annual copper production of 431 thousand tonnes (“kt”) in 2024, exceeding the guidance range of 400 to 420kt.
Kansanshi achieved its highest copper and gold production since 2021 and 2022, respectively, predominately driven by higher grades.
Sentinel’s increased copper production reflected higher grades and throughput, with the highest average grades since 2017.
“It is encouraging to see our Zambian operations delivering strong results in 2024, supported by our focus on operational excellence across copper, gold, and nickel production.
The S3 Expansion represents an inflection point that will enhance the Company’s financial resilience and support sustainable growth,” said Tristan Pascall, Chief Executive Officer of First Quantum Minerals.
Mr Pascall further revealed that with 62 percent of construction completed by the end of 2024, the Kansanshi S3 Expansion project remains on schedule for completion in mid-2025, adding that the expansion will significantly enhance the company’s financial resilience and support sustainable growth.
“Early commissioning work, including the 33kV power line and substation, is underway. This project is central to FQM’s long-term strategy, enabling a progressive increase in copper production from low-grade stockpiles initially, followed by higher-grade ore from the South East Dome deposit in 2027,” he continued.
He added that Enterprise achieved commercial production in mid-2024, contributing to the Company’s strategic diversification.
He also revealed that FQM will continue to invest in sustainability-focused initiatives to lower carbon intensity and enhance operational efficiency and that over the next three years, the Company will allocate approximately $600 million towards sustainability-related capital expenditures.
Mr Pascall explained that key projects the mining firm is planning to invest in include expanding Quantum Electra-Haul trolley-assist infrastructure to reduce diesel consumption and emissions, upgrading Kansanshi’s mining fleet to support pit electrification and future integration with battery-powered trucks, as well as investing in water management, healthcare, housing, and social infrastructure for local communities.
“As we move into 2025, our priorities include building balance sheet strength, addressing power challenges in Zambia, and advancing key initiatives such as exploring the potential benefits of a minority stake sale and continuing constructive dialogue with the Government of Panama regarding the Cobre Panamá mine,” he said.
FQM remains committed to Zambia’s economic development and sustainable resource management. Investments in local infrastructure, renewable energy, and community development reflect the Company’s dedication to creating shared value for all stakeholders.
