First Quantum Declares Commercial Production at Enterprise Nickel Project
First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) declared commercial production as of June 1, 2024 at the Enterprise nickel mine, located 12km away from the company’s Sentinel copper mine in the North Western Province of Zambia.
First Quantum built, commissioned and delivered commercial operation in just over two years – another successfully executed project that demonstrates the company’s approach to delivering sustainable growth.
Two years ago, First Quantum approved the Enterprise project – alongside the S3 Expansion project at Kansanshi – following a commitment made by Zambia’s New Dawn administration to reform the mining sector and to establish a platform for more stable, durable and responsible mining in Zambia.
A clear indication of Zambia’s improving investment climate was the recognition in the latest annual mining survey by the Fraser Institute: Zambia’s ranking improved from 58 to 34.
The country achieved the third highest placing in Africa and now ranks ahead of traditional mining jurisdictions, including Chile and Peru.
Such progress is a clear endorsement of the efforts made by the current administration to improve the investment climate for the mining sector within Zambia.
Enterprise produced 6,147 tonnes of nickel during the second quarter, an increase from 4,031 tonnes in Q1 2024. The first half of the year has yielded consistently positive results, meeting expectations and supporting the recommendation to declare commercial production.
Mining volumes are steadily improving and the plant performance has been strong. Accordingly, production guidance for 2024 has narrowed to 17,000 to 20,000 contained tonnes of nickel (previously 10,000 to 20,000 tonnes).
The Enterprise operation has added a further 929 jobs, bringing the total number of employees at FQM Trident to 8,505.
Anthony Mukutuma FQM, Director – Zambia, commented: “First Quantum is known for project execution and operational excellence, and this encouraging milestone at Enterprise further demonstrates the capabilities of our internal projects team.
The company’s presence in Zambia extends over 28 years, and the rapid commercialisation of Enterprise, alongside the expected delivery of the S3 Expansion Project at Kansanshi demonstrates First Quantum’ ongoing and long-term commitment to Zambia.
The focus is on getting the S3 Plant construction completed during H1 2025 and commencement of ore processing immediately after.
Longer term, First Quantum shall expand its exploration programme in Zambia, with an initial focus on the areas around our existing operations, followed by prospective new sites across the country’s mining regions.”
