First Quantum Minerals Reports First Quarter 2009 Copper Production of 88,600 Tonnes
VANCOUVER, BRITISH COLUMBIA -- April 23, 2009 - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM) (LSE: FQM) today reported copper production of 88,600 tonnes for the first quarter 2009, a 17% increase over the equivalent 2008 period. The quarter's production is in line with the Company's expectation and its full year estimate of 380,000 tonnes of copper.
|
First Quarter |
Operation |
2009 |
2008 |
|
(tonnes) |
Kansanshi |
60,400 |
52,300 |
Guelb Moghrein |
8,900 |
7,700 |
Frontier |
19,300 |
13,400 |
Bwana Mkubwa |
- |
2,200 |
Total |
88,600 |
75,600 |
Stockpiles of copper concentrate at March 31, 2009 increased to approximately 37,800 tonnes of copper in concentrate (Kansanshi 30,500 tonnes, Frontier 5,300 tonnes and Guelb Moghrein 2,000 tonnes) from the December 31, 2008 level of 16,400 tonnes as a result of the increased production levels and Zambian smelting capacity constraints. With copper prices low during the quarter it was decided to wait until local smelting capacity and copper prices improved rather than export and incur the high export charges. The Company intends to send existing surplus stockpiles to all of the Zambian smelters over the next two quarters by which time it is expected that stockpiles will be reduced to normal levels.
Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.
Further information will be published in the Company's first quarter operating and financial results.
On Behalf of the Board of Directors of
First Quantum Minerals Ltd.
G. Clive Newall, President
12g3-2b-82-4461
Listed in Standard and Poor's
Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current explorat ion, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.
CONTACT INFORMATION:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
(604) 688-6577 or Toll Free: 1 (888) 688-6577
Fax: (604) 688-3818
sharon.loung@fqml.com
or
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
Fax: +44 140 327 3494
clive.newall@fqml.com
www.first-quantum.com
or
Hogarth Partnership Ltd.
Simon Hockridge
+44 (0) 20 7357 9477
or
Renmark Financial Communications Inc.
Henri Perron : hperron@renmarkfinancial.com
Christine Stewart : cstewart@renmarkfinancial.com
Montreal - Tel.: 514 939-3989 / Fax: 514 939-3717
Toronto - Tel.: 416 644-2020 / Fax: 416 644-2021
www.renmarkfinancial.com
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First Quantum Minerals Ltd.
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PRODUCER |
CODE : FM.TO |
ISIN : CA3359341052 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
First Quantum is a copper producing company based in Canada. First Quantum produces copper, cobalt and gold in Congo Dem. Rep. of, in Mauritania and in Zambia, develops cobalt, copper and nickel in Congo Dem. Rep. of and in Zambia, and holds various exploration projects in Congo Dem. Rep. of and in Peru. Its main assets in production are BWANA MKUBWA, KANSANSHI and MOPANI in Zambia, FRONTIER and KOLWEZI in Congo Dem. Rep. of and GUELB MOGHREIN in Mauritania, its main assets in development are KOLWESI MUSONOI in Congo Dem. Rep. of and KALUMBILA in Zambia and its main exploration properties are KEVITSA and KEVISTA in Finland, HAQUIRA EAST and CRISTO DE LOS ANDES in Peru and KIPUSHI in Congo Dem. Rep. of. First Quantum is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 11.0 billions as of today (US$ 8.0 billions, € 7.5 billions). Its stock quote reached its lowest recent point on November 02, 2001 at CA$ 0.38, and its highest recent level on April 24, 2024 at CA$ 15.92. First Quantum has 689 369 984 shares outstanding. |