First Quantum Minerals Ltd
First Quantum Minerals Ltd
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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.
Canada-based miner First Quantum Minerals has posted its highest ever annual copper production of 702,000t for the Dec 2019 year (FY/CY19), up 96,000t on FY/CY18, with gold also up to 257,000oz from 185,000oz, but zinc sliding to 18t from 27t.
Canadian miner First Quantum Minerals is looking for strategic partners to develop new copper projects and a J/V with Rio Tinto in Peru could be on the cards, CEO Philip Pascall says, Reuters reports.
On the sidelines of a London conference, he said there “are a number of different potential players, not necessarily mining companies.” When asked if First Quantum could partner with Rio to develop a copper mine in Peru, Pascall said that would be one of the options. A Rio spokesman declined to comment.
First Quantum Minerals is targeting resumption of operations in Jan 2020 at its 100%-owned Ravensthorpe nickel mine near Western Australia’s southern coast, issuing a letter of award to contractor MACA for openpit mining services including drilling and blasting, loading and haulage.
The 5-year contract is expected to generate about $A480M revenue for MACA.
They’ve agreed all major items, with finalisation of documentation expected to enable mobilisation to site in Dec.