First Quantum will produce more nickel and a little less copper
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Thursday the company released its guidance for production, capital expenditure and costs for the years 2020 to 2022.
Overall copper production guidance for 2020 is between 830,000 to 880,000 tonnes. By 2022 production will drop to between 800,000 and 850,000 tonnes.
First Quantum sees copper production dropping off at its Spanish open-pit mine, Las Cruces. Other mining operations--Cobre Panama and Sentinel--show slight production gains.
Nickel, however, will grow. This year's guidance is between 15,000 and 20,000 tonnes, growing to 25,000-28,000 tonnes in 2022.
Gold production is supposed to stay the same for the next three years, between 280,000 and 300,000 ounces.
Capital expenditure is also forecast to stay the same for the next three years.
The all-in-sustaining cost for copper of between $1.70 and $1.85 is also supposed to be maintained until 2022.
Last week First Quantum adopted a takeover defense plan. Jiangxi Copper has been buying up First Quantum stock. The two companies have been in discussion regarding possible asset sales.
Looking to the past year, the company said it hit record production in 2019 of 702,000 tonnes, an increase of 96,000 from 2018 production.