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FQM achieves its highest-ever annual copper production


FIRST Quantum Minerals has globally achieved its highest-ever annual copper production of 816, 000 tonnes, a 5 percent increase from 2020.

The achievement is however attributed to record production at its new Cobre Panama mine, and the resilience of its other operations. 

Copper production in the fourth quarter of 2021 was 201,000 tonnes.

FQM Chairman and CEO Philip Pascall said copper production at Sentinel Mine in Kalumbila was 233, 000 tonnes for the full year and 61, 000 tonnes in the fourth quarter of 2021, 18, 000 tonnes and 2, 000 tonnes lower than 2020 levels, respectively.

Mr Pascall said the 2021 performance was impacted by failure of train ball mill machinery in the first quarter and a lower grade profile.

Mr Pascall also said Copper and nickel production were forecast to grow to 850,000-910,000 tonnes and 40,000-50,000, respectively, by 2024, while capital cost guidance had increased to $1,250 million in 2023 and 2024 and $1,375 million in 2024, principally due to inflationary pressures.

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