First Quantum Minerals Reports Q3 Copper Production of 109,000 Tonnes, Up 8% QoQ

en.Wedoany.com Reported - On October 28, Canada's First Quantum Minerals released its third-quarter operating results, reporting quarterly copper production of 108,959 tonnes, an increase of approximately 8% from 100,487 tonnes in the second quarter. The production increase was mainly driven by stockpile ore processing operations at the Kansanshi copper mine in Zambia and the Cobre Panamá copper mine in Panama. All three processing lines at the Panama mine completed recommissioning successively during the quarter, boosting the mine's third-quarter copper production to 13,229 tonnes.

The Panama mine processed a total of 6.615 million tonnes of ore in the third quarter, with an average copper grade of 0.27% and a copper recovery rate of 74%, while producing 6,355 ounces of gold during the same period. In the second quarter, the mine processed 2.093 million tonnes of ore and produced 3,216 tonnes of copper. Third-quarter copper production increased by 10,013 tonnes compared with the previous quarter.

Regarding production line restoration, Line 3 was restarted first, Line 2 was commissioned in July, and Line 1 subsequently completed equipment overhaul, testing and commissioning. In August, the No. 1 SAG mill, No. 2 ball mill and associated cyclone feed pumps completed operational testing. Equipment restoration work also included replacement of components of the gearless drive system of the No. 3 SAG mill, electrical work on the No. 6 ball mill, crusher repairs, and work related to the water treatment and flotation systems.

Copper concentrate exports from the mine also resumed. In August, approximately 33,000 wet tonnes of copper concentrate were loaded and exported; in September, a second batch of 38,611 wet tonnes of copper concentrate was shipped. During the third quarter, the mine's two generator sets remained in operation, supplying power to the plant and selling surplus electricity to Panama's national grid.

As of the end of the third quarter, the Panama mine's approximately 38 million tonnes of stockpiled ore were estimated to contain about 70,000 tonnes of recoverable copper, sufficient to support the current processing plan through mid-2027. The company expects to produce 30,000 to 40,000 tonnes of copper and 10,000 to 15,000 ounces of gold from stockpile ore processing in 2026, with total expenditures for the related processing plan estimated at approximately US$200 million, of which cumulative cash spending reached approximately US$80 million by the end of the third quarter.

At other mines, the Kansanshi copper mine in Zambia produced 45,843 tonnes of copper in the third quarter, up 1,846 tonnes quarter on quarter; the Sentinel copper mine produced 48,816 tonnes, down 1,519 tonnes quarter on quarter. First Quantum Minerals adjusted its 2026 group copper production guidance from 405,000–475,000 tonnes to 405,000–435,000 tonnes, mainly reflecting lower ore grades at Kansanshi and Sentinel than previously expected.

On September 30, Panama's interdepartmental committee submitted a report to the President on the future disposition of the mine, proposing 17 recommendations and 6 guiding criteria, including assessing the resolution of pending arbitration through a new agreement and providing arrangements for potential restart and orderly closure. The recommendations remain under review by the Panamanian government, and the mine continues to operate under the approved stockpile ore processing plan at this stage.