FQM’s Copper Production Shines Despite Challenges

First Quantum Minerals (FQM) has reported a strong performance for the third quarter of 2024, with a 13% increase in copper production. This uptick was driven by robust output from its Zambian mines, Kansanshi and Sentinel.

Kansanshi saw a significant 20% surge in copper production, reaching 49,810 tonnes. The mine’s performance was boosted by increased mining of higher-grade ore and successful mill optimizations. Sentinel also delivered a strong performance, with a 9% increase in copper production to 58,412 tonnes.

Despite the ongoing energy challenges in Zambia, FQM’s proactive measures to secure supplementary power minimized disruptions to operations. However, the increased costs associated with imported power were partially offset by higher gold by-product credits.

The company’s new Enterprise nickel mine at Kalumbila had its first full quarter of commercial production, producing 4,827 tonnes of nickel.

Looking ahead, FQM remains optimistic about the future growth of its Zambian operations. The S3 Expansion at Kansanshi, which is expected to significantly boost production, is progressing well. First production from this expansion is anticipated in the second half of 2025.

While the company celebrated these positive results, it also acknowledged a tragic accident at Kansanshi in September that resulted in the loss of a colleague. FQM expressed its condolences to the family and reaffirmed its commitment to safety across its operations.

As FQM continues to navigate the complexities of the global mining landscape, its strong operational performance and strategic investments position it for sustained growth and value creation.

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