FQM Sentinel Mine reports production rise in 2022 

First Quantum Minerals (FQM) has reported a year-on-year increase to 242,000 tonnes of copper production at its Sentinel mine, 9,000 tonnes higher than in 2021.

Fourth quarter copper production was 73,000 tonnes in the fourth quarter of 2022, 13,000 tonnes higher than quarter fourth of 2021 and 9,000 tonnes higher than that of 2021.

Tristan Pascall, FQM’s chief executive officer said in a market update that in the period under review, production at its Kansanshi Mine was 146,000 tonnes, lower than in 2021 due to lower grades.

“The lower production reflects a combination of lower sulphide grades from narrow-veined regions, depleting oxide ore, and restricted access to high-grade blocks due to an accumulation of water in the main pit in the second and third quarters of 2022,” Pascall said.

He said copper production at Kansanshi in fourth quarter of 2022 was 35,000 tonnes, a reduction of 17,000 tonnes from fourth quarter of 2021, but 5,000 tonnes higher than in third quarter of 2022 as access to high-grade areas improved following successful dewatering of the pit.

Also read:Geologist expresses doubt Zambia can attain 3m tonnes of finished copper without airborne surveys (zambiamonitor.com)

“We continue to monitor the macroeconomic conditions closely and debt reduction remains a priority,” Pascall said.

This according to a statement made available to the Zambian Monitor on Friday.

He said disciplined and responsible growth continue to be a focus at First Quantum.

The CP100 Expansion remains on schedule to exit 2023 at 100 million tonnes per annum and work is well underway for the S3 expansion.

“We are also pleased that the Enterprise nickel project will enter its first production this year. These projects are a key part of the Company’s brownfield growth strategy over the next several years,” Pascall said.

The mining firm further revealed that capital expenditure guidance has increased to $1.6 billion in 2023 and $1.8 billion in 2024, reducing to $1.5 billion in 2025 with the completion of the S3 Expansion project at Kansanshi.

The company said the expenditure increases in 2023 and 2024 are principally due to inflationary pressures on sustaining capital and the timing of expenditures for project capital.

This includes the re-phasing of the S3 Expansion and higher costs for crusher relocations at the mine sites.