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Record production and profit for FQM

An aerial view of
First Quantum’s
Guelb Moghrein site,
in Mauritania
London, England — MININGREVIEW — 15 May 2008 – First Quantum Minerals Limited (FQM) – an emerging mining and metals company, and one of the faster growing copper producers in Africa – posted record copper production and operating profit in the first quarter of 2008.

Releasing its operational and financial results for the first quarter of the year here, the company said that, notwithstanding intermittent power blackouts and the effects of the rainy season, group operating profit – which was a quarterly record – had risen significantly to US$354.1 million (almost R2.7 billion).

He statement added that this had resulted from higher sales volume, an increase in the realised copper price and lower cash costs than in the corresponding quarter of last year. Sales volume had increased to US$511.5 million (over R3.8 billion), due to the 63% increase in production to 75 616 tonnes of copper– a new quarterly production record.

Copper in concentrate stockpiles had increased to approximately 31 600 tonnes by the end of the first quarter , it said.

Referring to the near-term outlook, the results and operational statement predicted that expected production for 2008 would remain at 310 000 tonnes, and pointed out that operations at Frontier, in the DRC, were improving now the rainy season had ended.

The longer-term outlook revealed the copper production profile from existing operations over the five years from 2009 to 2013 was expected to average 222 000 tpa at Kansanshi, 43 000 at Guelb Moghrein and 81 000 tonnes at Frontier as a result of planned expansions.