First Quantum Adjusts Production Guidance for Key Mines
First Quantum, a Canadian-headquartered mining company, has revised its copper production guidance for the year due to the performance of its three primary mines: Cobre Panamá, Kansanshi, and Sentinel.
The new copper production guidance is set between 745,000 t and 775,000 t, down from the previous estimate of 770,000 t to 840,000 t.
Despite improved production in the third quarter, the lower guidance is based on year-to-date performance. Copper production increased by 18% to 221,550 t in Q3, with copper C1 cash costs dropping by $0.56/lb from the second quarter to $1.42/lb in Q3, primarily due to improved production volumes.
Cobre Panama achieved a record 112,734 t of copper production in Q3, driven by improved grades and higher milling volumes from the CP100 Expansion project.
The production guidance for Cobre Panamá has been adjusted to between 365,000 t and 375,000 t, with lower gold guidance of 135,000 oz to 150,000 oz. The ramp-up of the CP100 Expansion project is progressing well, ensuring a solid future for Cobre Panamá.
Kansanshi in Zambia also increased its copper production in Q3 to 39,600 t and aims to produce 130,000 t to 140,000 t in 2023 but has lowered its gold guidance to between 65,000 oz and 70,000 oz.
Sentinel in Zambia has improved its output compared to Q2, delivering 63,805 t in Q3, with a slower-than-expected ramp-up due to hard rock conditions. Stage 3 mining will commence in Q4, allowing for more favorable operations with softer material.
The Enterprise nickel mine in Zambia marked its first concentrate sale in Q3, but challenges have arisen during the final ramp-up, leading to adjusted production guidance between 3,000 t and 5,000 t.
Ravensthorpe in Australia also revised guidance, resulting in a lower group nickel guidance of 25,000 t to 29,000 t. First Quantum’s 2023 gold production is now expected to be between 230,000 oz and 250,000 oz, down from the previous estimate of 265,000 oz to 295,000 oz.
