LUSAKA (BT) – Copper sales at Toronto Stock Exchange (TSX) listed First Quantum Mining (FQM) subsidiary Kansanshi plummeted 25% in Q4:18 compared to a year ago in 2017. This was according to preliminary figures in a TSE – SENS to shareholders. The miner reported 56,330/MT of red metal sales from its Solwezi based operation on North Western Zambia for Q4:2018, versus 74,974MT in Q4 a year ago. The Q4:18 figure was 15% lower than its Q3:18 sales levels, when the mine sold 64,848MT.
*ANNUAL SALES: Preliminary figures show an overall slide in sales at the mine by 14% for 2018, to 229,832MT, from 267,700/MT in 2017.
*FOURTH QUARTER PRODUCTION *RED METAL PRODUCTION DECLINES 5.6%:Kansanshi’s red metal production (as opposed to sales) also declined 5.6% in Q4:18 to 61,780MT compared to 64,800MT a year ago. This represents a 3% slide from Q3:18 levels at 63,687MT. Annual production for 2018 stands at 251,522MT.
*GOLD PRODUCTION DECLINES 8%:Kansanshi’s gold production slid 8% to 33,465 OUNCES, compared with 36,363 OUNCES a year ago. Annual output plummeted 7.5% (10,576 OUNCES) to 130,019 OUNCES.
*Amounts are preliminary and subject to final adjustment. The final amounts and the 2019 to 2021 market guidance to be published in the company’s financial results for Q4:18 and full year 2018. Kansanshi accounted for circa. 41% of FQM’s total copper production for 2018 of 605,853MT, while the company’s Sentinel Mine at Kalumbila produced 223,656MT, accounting for 37% percent of the group’s total.
*FQM is soon to commission its USD6.3 billion investment in the Cobre Panama Mine in South America, which is expected to produce 330,000MT of copper annually when fully operational.