First Quantum Cu output to rise on Panama project

Canada-based metal producer First Quantum Minerals expects copper output to rise by as much as 21pc this year as its Panama subsidiary, Cobre Panama, ramps up production to as much as 175,000t.

First Quantum is targeting copper output of 700,000-735,000t in 2019, up from 605,853t in 2018, which marked a gain of 6pc from 573,963t in 2017.

The Cobre Panama project is forecast to produce 140,000-175,000t this year as it ramps up to 300,000 t/yr by 2021.

Cobre Panama processed its first copper ore in the latest week, as the new mine proceeds in its commissioning phase, with about 80pc of output for the year expected in the second half.

First Quantum has a 90pc stake in the 13,600-hectare Cobre Panama project located 120km west of Panama City.

The project was expected to cost more than $6bn, the company said last year.

Total company revenues in 2018 rose to $3.97bn from $3.3bn in 2017, boosting profit to $978mn in 2018 from $335mn a year earlier.

Sales rose to $1.05bn in the fourth quarter from $885mn a year earlier. Profit rose to $198mn in the latest quarter from a $115mn loss a year earlier.

First Quantum, which also produces gold, operates one copper smelter and seven other mines across six countries: the Kinsanshi mine, which accounts for more than half its copper production, and smelter and the Sentinel mine in Zambia; Guelb Moghrein in Mauritania; Las Cruces in Spain; Pyhasalmi in Finland; Ravensthorpe in Australia; and Cayeli in Turkey.