https://www.miningweekly.com

First Quantum’s newest mine in Panama contributes to March quarter output

30th April 2019

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

TSX-listed base metals miner First Quantum’s Cobre Panamá copper mine, in Panama, contributed, for the first time, milled ore of 25 t to the company’s total production of 136 969 t of copper for the quarter ended March 31.

The project remains on schedule to deliver between 140 000 t and 175 000 t of copper this year, with around 80% of this production expected in the second half of the year.

The mine should run at a rate of 72-million tonnes a year by year-end.

Meanwhile, the bulk of the company’s production for the quarter was delivered from the Sentinel copper mine, in Zambia, which produced 57 716 t of copper, which was a 15% year-on-year increase and a quarterly record for the mine.

The Kansanshi mine, in Zambia, delivered lower production, owing to the planned processing of lower-grade oxide ore and lower throughput.

“Our first-quarter financial results reflect a solid operational performance despite the rainy season in Zambia and lower production from Las Cruces resulting from a land slippage earlier this year. We expect operational results to improve through 2019 as the ramp-up at Cobre Panama accelerates.

“In the coming years, we will be able to deliver on our commitment to deleveraging our balance sheet. The refinancing announced earlier in the year was a step towards improving liquidity and pushing out maturities. 

“We will continue this effort throughout the year, with further progress expected in 2020 as Cobre Panama starts to meaningfully contribute to cash flow. We will also consolidate work done on our project pipeline to enable future growth," CEO and chairperson Philip Pascall said on Monday.

First Quantum secured a new $2.7-billion term loan and revolving credit facility that matures on December 21, 2022, which replaced an existing $1.5-billion revolving credit facility. The new financing included revised financial covenants, extended debt maturities and improved financial flexibility through added liquidity.

Edited by Riaan de Lange

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Lilak Aluminium
Lilak Aluminium

For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 0.838s - 114pq - 2rq
Subscribe Now