Production

First Quantum Minerals Adjust 2021 Copper and Gold Production Forecast – Commodity Commentary

By Mary de Wet


First Quantum Minerals Ltd. tightened its full-year production forecast for copper and increased its forecast for gold.


In its third trimester:

Total copper production fell 0.7% from a year ago to 209,859 metric tonnes and was up 5% from the second quarter, the Canadian mining company said.

“Production improved quarter over quarter with record production at Cobre Panama and continued strong performance at Sentinel, while production at Kansanshi remained stable during the quarter. “

“Anode shipments to Zambia have been affected [by] a global shortage of container transport capacity as well as port congestion in the ports of Durban, Walvis Bay and Dar Es Salaam. As a result, a number of scheduled shipments have been postponed to the fourth quarter. These logistical challenges for Zambian sales and the increase in finished product inventories are expected to continue into the fourth quarter. “

Nickel production fell about 17% from a year ago to 4,248 metric tonnes. Ravensthorpe, which produces First Quantum’s nickel, has been hit by labor availability issues due to Covid-19 travel restrictions in Western Australia, the company said.

Gold production increased 7.1% from a year ago to 78,124 ounces, but fell 4% from the second quarter. While gold production has remained stable at Cobre Panama and Kansanshi, Guelb Mogrein has experienced a decline in production.


On his outlook:

“The forecast for total copper production has been reduced to between 800,000 and 835,000 tonnes.” Previous forecasts placed copper production between 785,000 and 850,000 metric tonnes for 2021.

“Total gold production forecast for 2021 has increased by 10,000 ounces to a range of 290,000 and 310,000 ounces thanks to stronger performance at Cobre Panama.” The previous forecast predicted 280,000 to 300,000 ounces.

“Nickel production for 2021 has been revised down and costs, which are also affected by higher sulfur prices, have been revised up from previous forecasts.”

Nickel production is expected to be 17,000 to 20,000 metric tonnes, down from previous forecast of 20,000 to 24,000 tonnes.


Write to Mary de Wet at [email protected]


Source link

Comment here

placeholder="Your Comment">