First Quantum Minerals Limited (FQM) ‒ an established and rapidly growing mining and metals company operating seven mines and developing five projects worldwide ‒ increased copper production by 36% to 114,488t in the third quarter of 2013, bolstered by enhanced performance at its Zambian unit, Kansanshi Mining in Solwezi.

Vancouver, Canada — 08 November 2013

First Quantum Minerals Limited (FQM) ‒ an established and rapidly growing mining and metals company operating seven mines and developing five projects worldwide ‒ increased copper production by 36% to 114,488t in the third quarter of 2013, bolstered by enhanced performance at its Zambian unit, Kansanshi Mining in Solwezi.

allAfrica.com quotes the company’s 2013 third quarter report released here as highlighting the fact that between June 30 and September 30, Kansanshi Mining produced 71,037t of copper, contributing 62% to the total amounts of copper produced across FQM’s global units.

FQM chairperson and CEO Phillip Pascall said overall copper production at Kansanshi was relatively unchanged compared to that of the third quarter of 2012.   “Ongoing mine pit development work continues to improve access to various ore types, specifically sulphide, to coincide with the plant expansions,” he added.

Further it was highlighted that Kansanshi Mining produced 43,904oz of gold in the third quarter of 2013, accounting for 25% of the precious mineral produced by FQM’s global subsidiaries.

“Gold production was higher than that recorded in the third quarter of 2012 as a result of gold circuit enhancements and the re-processing of stockpiled gold plant tailings,” Mr Pascall noted.

FQM also romped up nickel production at its subsidiaries by 26% to 12,485t in the third quarter of 2013.

The report also highlighted the fact that copper production costs went down by 19% to US$1.16/lb,  while nickel was produced at 21% lower at US$4.90/lb.

FQM’s financial position strengthened further with the firm generating a cash flow of US$410.3 million by operations and netting comparative net earnings of US$143.6 million or $0.24 per share.

“Our overall cost of production, for both copper and nickel, improved further in the quarter as a result of our continued focus on process optimisation and higher by-product credits, especially with Kevitsa’s substantial addition of platinum and palladium to our product mix.

“With the completion of our major projects in Zambia and several optimisation initiatives currently underway at our operations, we believe we are well-positioned to maintain or better our competitive cost position in the industry,” Pascall concluded. Caption, Pic 1: Part of First Quantum’s Kansanshi copper mine in north-west Zambia ‒ one of the largest copper mines in Africa.

Source: allAfrica.com. For more information, click here.