First Quantum Minerals announces 2025 – 2027 production guidance
TORONTO – First Quantum Minerals announces guidance for production, capital expenditure and costs for the years 2025 to 2027. Guidance is based on a number of assumptions and estimates as of December 31, 2024, including among other things, assumptions about metal prices and anticipated costs and expenditures. Guidance involves estimates of known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different.
Guidance for 2025 to 2027 is presented with Cobre Panamá remaining in a phase of P&SM and Ravensthorpe in a phase of C&M.
Kansanshi copper production in 2025 and 2026 has been adjusted lower from previous guidance to reflect a conservative ramp-up profile for S3, which remains on track for first production in the second half of 2025. The progressive increase in copper production over the three-year guidance period is attributable to production from S3. During 2024, the S3 Expansion project achieved 62% construction completion of the process plant and commenced early commissioning work, including the 33kv power line and substation. Operational readiness achieved 62% completion with training of new recruits on the process simulator and field training at the Sentinel mine having commenced. The majority of the initial feed for S3 will be sourced from low-grade stockpiles before production increases in 2027 as increased ore volumes of higher grade ore from the South East Dome deposit is fed into the plant. Gold production at Kansanshi has increased from previous guidance following the continued discipline of mining high-veined areas that contain higher gold grades and the improved understanding of the sulphide copper-gold mineralization at depth.
Sentinel copper production in 2025 and 2026 has been adjusted lower from previous guidance to reflect accelerated mining in Stages 3 and 4, which contains a higher proportion of oxidized and transitional ore that is lower grade. Bringing forward production from Stages 3 and 4, along with a balanced and responsible increase in waste stripping, is expected to de-risk future ore supply to achieve an optimal and sustainable balance of grades and volumes during the life of the mine. This approach is underpinned by mining productivities, Quantum Electra-Haul™ trolley-assist technology and waste dump profiles which also improves storm-water management and the sequencing of in-pit crusher moves.
Enterprise production guidance is reflective of strong operational results achieved during the first year of commercial production, despite persistent power disruptions, and demonstrates an increasing production profile as the orebody becomes more accessible.
Guelb Moghrein gold production has increased to reflect the inclusion of gold production from Oriental Hill, which received mining approval in 2024. Mining activities will commence in 2025 with the majority of the gold from Oriental Hill being extracted in 2026. Gold will also be extracted from tailings storage facilities and reprocessed through the newly commissioned Carbon-in-Leach plant.
