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Kansanshi Mining has reported a robust half-year performance for 2024, driven by higher copper prices and improved ore grades, despite ongoing electricity challenges.
The First Quantum Minerals (FQM) subsidiary posted a net profit of US$117 million, a sharp turnaround from last year’s US$1.1 million loss. Revenue surged by 25 percent to US$927 million, bolstered by a 28 percent rise in copper prices and a 15 percent increase in production to 72,980 tonnes.
“Our strong performance is a testament to the company’s operational resilience in the face of Zambia’s power crisis,” said Anthony Mukutuma, FQM Zambia Director, noting the success of the Kansanshi S3 Expansion and efforts to mitigate power disruptions.
With the expansion project on track, First Quantum expects to boost copper production in 2024 to between 140,000 and 150,000 tonnes, while securing 52 percent of its power needs from regional suppliers has ensured continued operations.
