First Quantum expects to produce up to 770kt of copper

First Quantum Minerals expects to produce 725,000 – 770,000 tonnes of copper, 230,000 – 250,000 ounces of gold and 15,000 – 17,000 tonnes of nickel for the full year 2020, as previously forecast.

First Quantum Minerals is one of the world’s top 10 copper producers. The company operates across four continents and employs about 20,000 people. First Quantum currently operates mines and development projects in Africa, Australia, Finland, Spain, Turkey and Latin America. Copper is responsible for 80% of revenues, gold 10%, and nickel 7%.

Operations continue to perform as expected despite the challenges presented by the current pandemic and the necessary heightened focus on health and sanitisation protocols. With the resumption of normal operations at Cobre Panama, the Company is not expecting any additional disruptions related to COVID-19 now that all precautionary measures have been put into practice.

Cobre Panama reached full production on the three SAG mill trains on August 8, 2020, slightly ahead of schedule after the operation had been placed on Preservation and Safe Maintenance in early April by order of the Ministry of Health of the Republic of Panama (MINSA).

With the cooperation of MINSA, the Company announced the resumption of normal operations in July with the ramp-up expected to reach full production levels in mid-August. This was achieved ahead of expectation in August during which Cobre Panama produced just over 25,000 tonnes of copper.

The focus is now on delivering consistent operational performance and maintaining the throughput rate of 85 million tonnes per annum for the remainder of the year. Production for 2020 is expected to be well within our existing guidance of between 180,000 and 200,000 tonnes of copper and 70,000 and 80,000 ounces of gold.

Kansanshi in Zambia continues to operate as expected, delivering consistent production despite declines in oxide grades and recovery. The Company’s recently updated Mineral Reserves and Resources at Kansanshi resulted in a 70% and 40% increase respectively over the last update in May 2015. This extended the the mine life to 24 years.

Sentinel, also in Zambia, has exceeded expectations so far in the quarter, achieving higher than average monthly production in July, with over 23,000 tonnes of copper production and in August, with over 25,000 tonnes of copper production. This strong performance is due to consistent milling rates and better than expected grades in August and positions the operation well to achieve guidance previously provided.

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