First Quantum expects steady three-year production
TORONTO (miningweekly.com) – Diversified base metals miner First Quantum Minerals expects stable production across its international portfolio of operations for the next three years, with copper output poised to rise as the significant new Sentinel project, in Zambia, ramps up.
This year alone Sentinel is expected to add between 135 000 t and 155 000 t of copper to First Quantum’s guidance of 400 000 t of companywide red metal production, which, excluding Sentinel, was expected to remain flat until 2018. Sentinel would ramp up to a range of 210 000 t to 240 000 t of copper in 2017 and to between 230 000 t and 260 000 t in 2018.
The company’s largest Zambian mine, Kansanshi, was expected to produce 235 000 t of copper this year, ramping up to 240 000 t in 2018.
All-in sustaining costs (AISC) for copper were expected to come in between $1.70/lb to $1.90/lb for 2016, 2017 and 2018, including Sentinel.
Nickel output was expected to total 40 000 t over the next three years, while gold production was expected to rise from about 215 000 oz in 2016, to 225 000 oz in 2017 and 2018.
Nickel AISC were expected to average between $4.80/lb to $5.10/lb for the three years.
Zinc output was expected to fall from 26 000 t this year to 20 000 t in 2016 and 2017.
First Quantum advised that for 2016, net capital expenditure (capex) would total $710-million, including committed expenditure of $390-million on the Cobre Panama project, in Panama; ramping up to capex of $820-million a year in 2017 and 2018, with Cobre Panama requiring capex of about $480-million each year.
Guidance on precise production during the ramp-up and commissioning phases at Cobre Panama was not included in the company’s forecasts.
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