First Quantum Minerals Ltd
First Quantum Minerals Ltd
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A big fall in Mar 2019 qtr (Q1 19) production has seen global primarily copper miner First Quantum Minerals attributable net earnings crash to $US53M from Q4 18’s $198M.
Copper production plunged to 136,969t, including 25t of pre-commercial production from the ramping Cobre Panama open cut in Panama, from 158,304t in Q4 18. The fall was exacerbated by AISC up to $1.77/lb from $1.68/lb, C1 cash costs to $1.34/lb from $1.23/lb and total C3 costs up to $2.21/lb from $2.04/lb.
Cobre Panama in the wings as a big fall in Q1 18 copper production sees First Quantum’s net earnings plunge to $53M from $198M
Canadian junior Luminex has attracted its third world-class venture partner, agreeing terms with BHP for an earn-in and JV on its Tarqui copper, gold and silver mining concessions in Ecuador.
The JV, to be finalised within 3 months, will see BHP pay $US7M cash and spend $75M to earn up to 70% interest in the Tarqui 1 & 2 projects in Morona Santiago province.
FQM has paused production in the hydrometallurgical plant at its Cobre Las Cruces copper complex at Gerena in Spain’s Seville province while investigations are carried out into a land slippage in the northern zone of the openpit mine early on Jan 23.
The affected area was immediately evacuated, with no injuries or damage to non-company facilities.
Las Cruces openpit mine and process plant is designed to produce 72,000tpa copper cathode.
Global miner First Quantum Minerals has lifted Dec 2018 year (FY/CY18) copper conc production a guidance exceeding 6% on 2017 to 605,853t and sales 3% to 596,513t, with zinc also up to 26,807t from 20,723t and sales to 26,112t from 21,851t, but with gold output falling to 185,414oz from 199,736oz and sales to 193,072oz from 201,376oz.
(ZAMBIA)
Vedanta subsidiary’s mine shutdown adds credence to warnings of a drastic impacts from Zambian government grab for mining sector cash.
FQM has hit back at Zambia’s plans to increase mining royalties, advising the government it will lay off more than 1,000 workers at its Kalumbila copper-nickel mine.
Labour minister Joyce Simukoko has dismissed the threat, telling Reuters the miner was using arm-twisting tactics.
African Energy is seeking a South African equity partner for the Mmamabula West project, part of its Sese integrated coal mine and power project in eastern Botswana.
Increasing global power prices are opening up export opportunities for Mmamabula West’s indicated-inferred resource of 2.4Bt high-quality thermal coal, which AFR considers would be attractive for South African regional coal markets.
(ENVIRONMENTAL) It's potentially North America's largest copper and gold mine, but the hopes of Northern Dynasty to develop the Pebble copper and gold project are under real threat due to its environmental and social risks.
Doubts have emerged again about the future of the giant prospective Pebble copper and gold project in SW Alaska, USA after a 50-50 partnership agreement between owner Northern Dynasty and fellow Canadian First Quantum Minerals broke down.
The two companies announced curtly the $US1.5B option and partnership transaction agreed last December had been terminated.
The announcement comes 6 days before the extended deadline set by Northern Dynasty to complete the deal.