First Quantum Minerals, a global copper company, has seen a significant increase in copper production in the third quarter of 2023. The company reported a total copper production of 221,550 tonnes, which is an 18% increase from the previous quarter and a 14% increase from the same quarter in 2022.
The increase in production was mainly due to improvements in throughput and grades at First Quantum’s three largest mines, particularly at Cobre Panamá with the continued ramp-up of the CP100 expansion project. This strong performance has allowed Cobre Panamá to achieve another record in quarterly production.
In addition to copper, First Quantum also produced 73,125 ounces of gold and 7,046 tonnes of nickel in Q3 2023. The company’s financial results for the quarter have been impressive, with a gross profit of $660 million, net earnings of $325 million, and EBITDA of $969 million. These figures represent significant increases compared to the previous quarter.
However, cash flows from operating activities for the quarter were lower than the previous quarter due to unfavorable working capital movements. Despite this, First Quantum remains optimistic about its future outlook.
The company has updated its 2023 guidance for copper, gold, and nickel production to reflect the performance-to-date and the outlook for the remainder of the year. Copper production guidance has been reduced slightly, mainly attributable to the Sentinel mine. Similarly, gold and nickel production guidance has also been adjusted.
CEO Tristan Pascall expressed his satisfaction with the company’s performance, particularly the improvements in production at their copper operations. He also highlighted the progress made in Zambia, where they achieved the first concentrate sale from the new Enterprise nickel mine and made steady progress on the S3 Expansion.
With the volatile global economic outlook, First Quantum is focused on project execution, operational excellence, and improving the balance sheet to build resilience. The company’s dedication to these goals and its strong production performance position it well for the future.