First Quantum Minerals Releases 2024 Production Insights

First Quantum Minerals Reports 2024 Preliminary Production Figures

(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. (TSX: FM) has shared its preliminary production data for the concluding quarter and the entire year of 2024. This announcement demonstrates promising results from its Zambian operations, which is bolstering expectations for the future.

Outstanding Performance in 2024

During 2024, First Quantum recorded a remarkable copper output totaling 431 thousand tonnes, surpassing the initial guidance range of 400 to 420 thousand tonnes. This success can be attributed mainly to exceptionally high grades achieved at the Kansanshi and Sentinel mines. Notably, the Q4 copper production figures reached 112 thousand tonnes, noting an increase compared to the same quarter in the previous year.

Highlights of 2024 Production

• Record Copper Production: The Kansanshi site excelled in copper and gold output largely driven by improved grades, while Sentinel reported the highest average grades since 2017.
• Gold Production Growth: Annual gold production was also impressive, reaching 139 thousand ounces, up by 42 thousand ounces from 2023, signifying a strong operational year.
• Cost Management: The company has effective measures in place to manage costs, which are slightly above previous guidance due to rising contractor and employee expenses.

Cobre Panamá Mine Overview

The Cobre Panamá site remains in a Preservation and Safe Management mode, with production currently halted. The workforce there is concentrated on managing safety and stabilizing the site. Following recent assessments by the Panamanian authorities, a thorough environmental audit is anticipated to guide future operations at this site. Engagement with local regulatory frameworks demonstrates First Quantum's commitment to responsible stewardship.

Guidance for 2025 to 2027

Looking ahead, First Quantum is focusing on the production and capital expenditure outlook for the upcoming years. The guidance indicates a careful approach to ramping up production at the Kansanshi S3 Expansion project, aiming for sustainable growth through disciplined operational management.

Future Production and Cost Expectations

The company's production estimates for 2025 to 2027 consider various factors including metal demand, expenses, and the economic landscape. Expectations include copper production target ranges of 380 to 440 thousand tonnes for 2025, with gradual increases in subsequent years as the S3 project progresses toward completion.

Additionally, gold and nickel production are also expected to move in an upward trajectory, reflecting operational adjustments that enhance output while controlling costs. Management is keen on ensuring that the plans harmoniously balance operational efficiency and sustainability.

Continued Investment in Sustainable Operations

First Quantum is dedicated to sustainability as it transitions towards more environmentally friendly practices. This includes extensive investment in advanced technologies that reduce carbon emissions and improve efficiency across operations. The ongoing development of the Quantum Electra-Haul™ trolley-assist system is one such initiative helping to lower the carbon footprint of their operations.

Conclusion

The release of First Quantum Minerals Ltd.’s preliminary production data for 2024 highlights the company’s commitment to excellence in operations and sustainability. Their forward-looking strategies and investment in technology not only promise to enhance production but also ensure responsible environmental stewardship in the communities they operate within.

Frequently Asked Questions

What were First Quantum's copper production figures for 2024?

First Quantum reported an impressive annual copper production of 431 thousand tonnes in 2024, exceeding their guidance range.

How does First Quantum plan to handle future production costs?

The company is implementing measures to manage costs effectively, which are expected to be slightly above previous guidance due to rising contractor and employee expenses.

What is the current status of the Cobre Panamá mine?

The Cobre Panamá mine is currently on hold under Preservation and Safe Management, with ongoing assessments from local authorities to ensure safety and compliance.

What is the forecasted copper production for 2025?

For 2025, copper production is projected within a range of 380 to 440 thousand tonnes as production ramps up with the S3 Expansion project.

How is First Quantum investing in sustainability?

First Quantum is dedicating resources to innovative technologies that reduce emissions and enhance operational efficiency, including the development of the Quantum Electra-Haul™ trolley-assist system.

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