London, England — MININGREVIEW.COM — January 23, 2008 – First Quantum Minerals Limited (FQM) – a growing mining and metals company listed on the Toronto Stock Exchange and the AIM in London – has achieved a production increase of almost 25% in its central African operations.
A production report released here today confirms copper production of 226 693 tonnes – more than 24% above 2006 production, and at least 10% ahead of market expectations. Production for the fourth quarter was a record 72 746 tonnes.
The main producer for First Quantum was Kanshansi in Zambia (163 824 tonnes), followed by Guelb Mogrein in Mauritania (28 755 tonnes), Bwana Mkubwa in Zambia (25 402 tonnes), and Frontier in the Democratic Republic of Congo ( 8 712 tonnes).
The production report emphasises that production volume is expected to continue its growth in 2008. “The Kansanshi mine’s quarterly production volume growth is expected to continue into 2008,” it says, “and the Frontier mine performed in line with expectations in 2007 and should continue to improve this year.”
Commenting on the results, First Quantum chairman and CEO Philip Pascall says that overall the company expects to see approximately 37% production growth on2007 levels. “This means that
2008 production should reach a level of 310 000 tonnes,” he concludes.
Further information will be published soon in First Quantum’s year-end operating and financial results.