Mining News
First Quantum produces 776kt of copper in 2022, down 5% from 2021 and in line with guidance
(Kitco News) - First Quantum Minerals (TSX: FM) yesterday announced that the company achieved preliminary annual copper production of 776kt, down 5% from 2021 (816kt) and within the 2022 revised guidance range of 755kt to 785kt.
The company said that Cobre Panama delivered record annual production of 350kt, while Sentinel saw a year-on-year increase to 242kt, adding that Kansanshi production of 146kt was lower than 2021 due to lower grades.
"Cobre Panama's performance for the last three quarters remained strong and achieved new weekly and monthly throughput records in December," the company noted in a press release.
In 2022, First Quantum also produced 286koz of gold (2021: 312koz) and 22kt of nickel (2021: 17kt).
The company also reported that its copper production in Q4 2022 was 206kt, 2% higher than Q4 2021 and 6% higher than Q3 2022 with record quarterly production achieved at Sentinel.
Importantly, First Quantum said that its copper and nickel production are forecast to grow to between 775-865kt and 45-60kt, respectively, by 2025.
"It is pleasing to see that the focus on operational improvements has resulted in a strong end to 2022. We continue to monitor the macroeconomic conditions closely and debt reduction remains a priority," commented CEO Tristan Pascall.
"Disciplined and responsible growth continue to be a focus at First Quantum. The CP100 Expansion remains on schedule to exit 2023 at 100 million tonnes per annum and work is well underway for the S3 Expansion. We are also pleased that the Enterprise nickel project will enter first production this year. These projects are a key part of the company's brownfield growth strategy over the next several years," he added.
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