First Quantum Reports Record Quarterly Copper Sales

In its second-quarter earnings statement, First Quantum reported quarterly copper sales of 152,403 metric tons (mt) and a production figure of 150,950 mt of copper. The company reported a 28% increase yearover- year at the Sentinel mine. The company also achieved commissioning milestones at the Cobre Panama project. It synchronized one of the power stations and started supplying power into the national grid, started receiving and unloading full coal shipments at the port, and began first commissioning activities at the process plant — all without incurring a lost-time injury.

In July, the company’s Zambian operations were advised by the state-run power company of its plans to reduce power supply to the Kansanshi complex and Sentinel for about a 31-day period, beginning late July, to facilitate maintenance and upgrades to the electricity network. First Quantum said it had plans in place at both sites to optimally manage operations during this period.

“Our operations performed well and in line with plan while several important milestones were achieved at Cobre Panama,” said Philip Pascall, chairman and CEO, First Quantum. “The start of power supply into the national grid from the first of two generating sets at the power station is significant as it will eventually provide the requirements for that entire operation.”

The company also elected, with Northern Dynasty Minerals, to terminate the framework agreement announced during December, in accordance with its terms after being unable to reach agreement on the contemplated option and partnership transaction on the Pebble project.

As featured in Womp 2018 Vol 09 -