First Quantum Minerals has revised its copper production forecast for 2024, now expecting output between 380,000-440,000 tonnes, a reduction of 3.5% at the midpoint. The Kansanshi mine in Zambia faces delays in accessing higher-grade ore, with ramp-up relying on low-grade stockpiles until 2027. Moreover, the updated mining plans focus on lower-grade ore at Sentinel, in order to ensure long-term operational stability. The updated mining plans also focus on lower-grade ore to ensure long-term operational stability, accompanied by accelerated waste stripping.
Panama Impasse Stalls Operations at Cobre Panama
Operations at Cobre Panama remain idle as the company awaits approval for a preservation and safe management plan from Panamanian authorities. The mine currently holds 121,000 dry tonnes of copper concentrate awaiting shipment. Meanwhile, political discourse and public consultations on environmental audits continue to delay progress.
Investing in Growth Amid Rising Costs
Despite setbacks, First Quantum Minerals remains committed to growth. The Kansanshi S3 expansion is 62% complete, with processing capacity set to rise by 25 million tonnes annually. Increasing labour and power costs in Zambia have pushed 2025 capital expenditure projections to $1.3-$1.45 billion. Nevertheless, the company exceeded expectations last year, with copper production hitting 431,000 tonnes, reflecting strong performance at Kansanshi and Sentinel.
