https://www.engineeringnews.co.za
Business|Construction|Copper|Flow|Gold|Flow
Business|Construction|Copper|Flow|Gold|Flow
business|construction|copper|flow-company|gold|flow-industry-term

First Quantum achieves record quarterly output from Cobre Panama

28th April 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

TSX-listed First Quantum Minerals has recorded net earnings attributable to shareholders of $142-million, or $0.21 apiece, for the quarter ended March 31.

This while generating cash flow from operating activities of $743-million.

CEO Philip Pascall comments that the Cobre Panama operation, in Panama, supported earnings in the quarter by delivering record quarterly production.

The company’s Zambian business, which includes the Kansanshi mine, delivered in line with guidance, despite heavy rains experienced during the period.

“With our continued low costs and the strong copper price, we generated significant cash flow, which in turn, enabled us to further reduce our debt level,” Pascall says.

First Quantum produced 205 064 t of copper in the quarter under review, which was a 5% increase on output in the first quarter of 2020.

Cobre Panama delivered record output of 82 042 t, which was a 46% increase year-on-year.

The company’s gold production in the quarter under review totalled 78 048 oz, an increase of 13% year-on-year.

Further, First Quantum produced 4 642 t of nickel at the Ravensthorpe operation, in Australia, while construction of the Shoemaker Levy operation, also in Australia, continued to advance – with 9 km of conveyor and erection of the conveyor highway overpass completed in the period.

The company remains on track to produce between 785 000 t and 850 000 t of copper for the full 2021, as well as between 280 000 oz and 300 000 oz of gold and between 23 000 t and 27 000 t of nickel.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
Updated 7 hours ago By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.186 0.24s - 160pq - 2rq
Subscribe Now