First Quantum lifts Q4 production by 26%
TORONTO (miningweekly.com) – London- and Toronto-listed miner First Quantum on Tuesday said it had lifted copper production by 26% during the fourth quarter ended December 31, as it mined higher grades and increased throughput at its three mines.
The company said total copper production increased to 84 918 t when compared with the same quarter in 2011, as it processed higher sulphate grades and achieved higher throughput as a result of the continued expansion of the oxide circuit at the Kansanshi copper/gold operation, in Zambia.
First Quantum also said it had achieved the increased production as a result of higher throughput at Guelb Moghrein copper/gold mine, in Mauritania, and recorded the first full quarter of commercial operations at Kevitsa copper/nickel mine, in Finland, which contributed 3 448 t of copper.
Total copper production rose 16% year-on-year to 307 115 t, more than the company’s guidance for the year.
Nickel production for the year totalled 36 759 t and the company reported its Ravensthorpe operation, in Australia, operated steadily during its first full year of commercial operations.
The Kevitsa mine added 1 870 t of nickel.
During the fourth quarter, the company recorded a 48% increase in gold output at 64 383 oz and, for the year produced 15% more gold at 201 942 oz, than when compared with a year earlier.
First Quantum has made a C$5.1-billion bid for rival miner Inmet Mining in a deal that could give First Quantum control of the significant Cobre Panama project in Central America, one of the world's largest undeveloped copper deposits.
However, Inmet asked shareholders on Tuesday to reject the offer, calling the bid inadequate.
The company’s stock fell 2.34% on the Toronto-bourse on Tuesday morning to trade at C$20.83 apiece.
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