First Quantum Minerals Ltd
First Quantum Minerals Ltd
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The effects of the global COVID19 pandemic have blown First Quantum Minerals’ June 2020 qtr (Q2 20) net loss out to $US156M from Q1 20’s $62M loss on sales revenues down to $1B from $1.18B.
The bottom line was on copper production falling to 169,059t from 195,285t and sales to 159,944t from 189,953t, with gold down to 54,651oz from 68,788oz and sales to 54,591oz from 73,782oz.
FYCY 20 copper-gold-nickel expectations have been cut again following lower Q2 20 production and an increased loss in the wake of the COVID19 pandemic
First Quantum Minerals is resuming full production at its Cobre Panama gold operations after being shut down in early April 2020 on COVID-19 issues.
The company says it will implement a reopening plan, which provides for a phased increase of onsite personnel while production is ramped up to 85Mtpa throughput to reach full production by mid-Aug 2020.
Despite falls in copper-gold production, First Quantum Minerals has managed to pull back its Mar 2020 qtr (Q1 20) net loss to $US62M from Q4 19’s $115M loss on sales revenues down to $1.18B from $1.28B.
The bottom line was on Q1 20 copper production down to 195,285t from Q4 19’s record 204,270t, with Q1 20 copper production AISC costs down to $1.64/lb from $1.73/lb, but C1 cash costs up to $1.30/lb from $1.24/lb and C3 costs up to $2.19/lb from $2.07/lb. Gold production also fell to 68,788oz from 77,789oz.
Despite lower COVID-19 affected copper-gold output, First Quantum has cut its Q1 20 net loss by $53M to $62M
Global miner First Quantum Minerals is putting its Cobre Panama gold operation on care and maintenance following a Panama Govt order suspending labour activities as a sanitary control measure due to COVID-19 at an approx cost of $US4M-$6M per week.
JV partners First Quantum and African Energy have achieved a major milestone at the Sese integrated energy project in Botswana with approval of the electricity generation licence for its proposed 300MW coal-fired power station, its final regulatory approval.
Detailed conditions of the licence approval are still to come, but it follows the recent execution of power sales agreements for its first stage.
Record Dec 2019 year (FY/CY19) copper production up 96,000t on FY/CY18 to 702,000t, with gold also up to 257,000oz from 185,000oz, has failed to stop First Quantum Minerals’ plunge to a net loss of $US57M from the previous year’s $441M profit.
The bottom line came despite sales up $4.06B from $3.96B, but gross profit down to $790M from $978M, cash flow from operations sliding to $889M from $1.98B, AISC up to $1.78/lb from $1.71/lb and C1 costs to $1.31/lb from $1.28/lb.
It’s cost some money, but First Quantum is now on track to lift FY20 copper production well past 800,000t and gold past 280,000oz
With meetings scheduled with Botswana energy regulators on final permitting for its Sese power project, African Energy has signed a 15-year cornerstone power sales agreement to supply 100MW to the Zambian copper operations of miner First Quantum Minerals.
The deal with First Quantum, Zambia’s largest power consumer, follows Sese’s earlier 15-year, 150MW term sheet agreement with Zimbabwe ferro-chrome miner and smelter Zimasco.