First Quantum’s
Guelb Moghrein mine
in Mauritania
 
Vancouver, Canada — MININGREVIEW.COM — 08 January 2009 – First Quantum Minerals Limited – an emerging mining and metals company and one of the faster growing copper producers in Africa – has declared an increase of almost 50% in its production of copper during 2008.

In a news release issued here, the TSX and AIM-listed company confirmed that it had produced a total of 334 000 tonnes of copper last year – a 48% increase over the 2007 level. Copper production in the fourth quarter alone had totaled 95 600 tonnes.

The release added that the major contributor to the company’s production was Kansanshi in north-west Zambia with 215 000 tonnes for 2008, and 62 000 tonnes for the fourth quarter. The Frontier mine in the Democratic Republic of Congo (DRC) had figures of 80 200 tonnes for 2008, and 24 900 for the final three months of the year.

The Guelb Moghrein operation in Mauritania produced 33 100 tonnes for the year and 8 200 tonnes for the final quarter, the release continued, and the 2008 figures for Bwana Mkubwa in Zambia were 5 800 and 500 tonnes respectively.

The release went on to reveal that stockpiles of copper concentrate at 31December 2008 had totaled approximately 17 800 tonnes of copper in concentrate (Kansanshi 15 800 tonnes, Frontier 100 tonnes and Guelb Moghrein 1 900 tonnes). This represented a decrease of over 10% or 2 100 tonnes from the 30 September 2008 level of 19 947 tonnes.