FQM announces 48% increase in copper production

FQM announces 48% increase in copper production
Written by Nchima Nchito
Tuesday, January 27, 2009 5:06:14 AM

FIRST Quantum Minerals Limited has announced a copper production of 334,000 tonnes for the year ended 2008. According to a press release, this represented a 48 per cent increase in comparison to the 2007 production levels.

The press release further stated that Kansanshi Copper Mine was the biggest contributor to the company’s production with 215,000 tonnes for 2008, and 62 000 tonnes for the fourth quarter.

The Guelb Moghrein operation in Mauritania produced 33,100 tonnes for the year and 8,200 tonnes for the final quarter, First Quantum further stated.

And the 2008 figures for First Quantum’s Bwana Mkubwa operations in Zambia were 5,800 and 500 tonnes for the year 2008 and fourth quarter of the year under review respectively.

And the Frontier mine in the Democratic Republic of Congo (DRC) produced around 80,200 tonnes for 2008 and 24,900 for the final three months of the year.

The release also revealed that stockpiles of copper concentrate as at December 31, 2008 totaled approximately 17,800 tonnes of the commodity in concentrate with Kansanshi having 15,800 tonnes, 100 tonnes at Frontier in DRC and 1,900 tonnes at Guelb Moghrein in Mauritania, a decrease of over 10 per cent or 2,100 tonnes from the September 30, 2008 level of 19,947 tonnes.