FQM REPORTS 13% RISE IN COPPER PRODUCTION FOR Q3 

First Quantum Minerals (FQM) has reported a 13 percent increase in copper production for the third quarter of this year, accompanied by a doubling of income tax payments globally.

Production at the company’s Kansanshi mine in Solwezi rose to 49,810 tonnes of copper up 20 percent or 8,303 tonnes compared with the previous quarter, while its Sentinel mine in Kalumbila produced 58,412 tonnes, up 9 percent or 4,817 tonnes compared with the second quarter of 2024.

“While it is pleasing to see continued strong operational performance from the Zambian operations during the third quarter, this was marred by a tragic accident in September resulting in the death of a colleague at Kansanshi.

We continue to support the family, and we remain committed to ensure the safety of our colleagues across the business.

While ZESCO power restrictions continue, our Zambian team’s proactive actions have resulted in minimal production impacts.

The S3 Expansion continues to make good progress for production in the second half of 2025,” said Tristan Pascall, Chief Executive Officer of First Quantum.

For the third quarter of 2024, First Quantum reported a gross profit of US$456 million globally, compared with US$333 during the second quarter of 2024.

The third quarter financial results were boosted by higher copper and gold sales volumes alongside stronger realised gold prices.

Kansanshi Mine reported its highest quarterly copper production since the fourth quarter of 2021, attributable to continued mining of higher feed grades.

This was further supported by a successful swap of the sulphide and mixed mills to increase the throughput of mixed material containing higher grades.

Gold production for the third quarter reached 31,659 ounces, the highest quarterly production since the first quarter of 2022.

The company also revised upwards its copper production guidance for the full 2024 year for Kansanshi to 155,000 – 165,000 tonnes from 130,000 – 150,000 tonnes, while Sentinel production guidance remained is forecast at 220,000 – 230,000 tonnes for the year.

Meanwhile, FQM’s new Enterprise nickel mine at Kalumbila had its first full quarter of commercial production, producing 4,827 tonnes of nickel during the third quarter, a decrease from 6,147 tonnes in Q2 2024. The plant has been stable and achieved record throughput in August 2024. 

Mr Pascall said that despite the ongoing energy crisis in Zambia, First Quantum’s proactive sourcing of supplementary power mitigated disruptions, enabling normal operations for most of the quarter, adding that the impact of higher costs associated with the imported power was partially offset by strong gold by-product credits.

He also reported that the S3 Expansion at Kansanshi was progressing well with the assembly of the SAG and ball mills completed and installation of the gearless mill drives underway, and that the majority of capital expenditure was expected in 2024, with first production anticipated in the second half of 2025.

He said that the company remains optimistic about the future growth of its Zambian operations, highlighting its commitment to the country and the people of Zambia.