First Quantum Minerals Ltd
First Quantum Minerals Ltd
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Canadian-based First Quantum has named specialist contractor Simpec to deliver electrical and instrumentation work for the Shoemaker-Levy project development at its restarted Ravensthorpe nickel operations in Western Australia.
The contract, valued at about $A9M, is Simpec’s first with First Quantum and will see work commencing immediately. Completion is due in mid-2021.
Increased copper-molybdenum-gold NI 43-101 resources and a significant maiden reserve at First Quantum Minerals’ Taca Taca project in the Puna (Altiplano) region of Salta Province in NW Argentina takes the company’s total mineral reserves to over 29Mt contained copper, the 5th largest copper reserve base globally.
First Quantum Minerals’ recovery from the initial effects of the COVID19 pandemic have seen the company lift global copper-gold output in the Sept 2020 qtr (Q320) taking net earnings to $US29M from Q2 20’s negative $156M.
With Cobre Panama back into full production well ahead of schedule sales revenue jumped to $1.4B from $1B for a gross profit up to $346M from $141M, cash flows from operating activities rocketing to $452M from $155M and comparative EBITDA to $641M from $352M.
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.