Canadian Mining Journal

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First Quantum reports record Cobre Panama production in Q1


The mill at the Cobre Panama operation. Credit: First Quantum Minerals.

First Quantum Minerals (TSX: FM) delivered its first quarter 2021 report along with the news that the Cobre Panama copper mine achieved record quarterly production – 82,042 tonnes of copper, a jump of 46% from the same quarter a year earlier. Total copper production was 205,065 tonnes.

Total copper sales volume was 210,734 tonnes and the realized copper price was US$3.25 per lb. in the quarter. All-in sustaining costs were US$1.72 per lb., a reduction of US8¢ per lb. from a  year earlier. Cash costs were down US6¢ per lb., but that change was offset by higher Zambian royalties.

Total gold production was 78,000 oz. for the quarter, up 13% from the same quarter of 2020. The increase is attributable to record production of 35,898 oz. at Cobre Panama.

First Quantum’s nickel production was 4,642 tonnes in the first quarter at Ravensthorpe in Australia. Work is underway there to expand the operation by developing the Shoemaker-Levy nickel laterite deposit.

The company enjoyed sales revenues of US$1.7 billion for the first quarter, a 42% increase from a year earlier as it experienced higher sales volumes, better copper prices, and lower cash costs. Gross profit was reported to be US$540 million, and cash flow from operations was US$743 million.

For the entire 2021 year, First Quantum has given production guidance of 785,000 to 850,000 tonnes copper, 280,000 to 300,000 oz. gold and 23,000 to 27,000 tonnes nickel.

The complete first quarter report is available at www.First-Quantum.com.


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