Jeu 7 Juil 2011 18:04 de Clint
First Quantum Q2 output falls
By: Liezel Hill
7th July 2011
Updated 55 minutes
TORONTO (miningweekly.com) – First Quantum Minerals produced 64 500 t of copper in the second quarter, a 24% decline compared with a year earlier, after both operating mines suffered maintenance interruptions and the company's Kansanshi mine processed lower grade oxide ore during the quarter.
Gold production also declined to 40 700 oz, compared with 51 471 oz in the second quarter of 2011.
Finished copper inventory at June 30 decreased to around 39 000 t of copper, from the March 31 level of 40 121 t.
First Quantum operates copper mines in Zambia and Mauritania and is also getting ready for final commissioning at the Ravensthorpe nickel mine in Australia, which it bought from BHP Billiton in 2009.
The company also has a nickel project in Finland, which is scheduled to achieve commercial production by mid-2012.
First Quantum used to produce copper in the Democratic Republic of Congo but the government there forced the company to shut its Frontier mine in August last year.
The firm has forecast production of 300 000 t of copper and 200 000 oz of gold this year,
at an average cost of $1.15/lb of copper.Shares in the company declined 0.59% on Thursday morning, to C$139.92 apiece by 10:47 in Toronto.
Edited by: Creamer Media Reporter
http://www.miningweekly.com/article/fir ... 2011-07-07
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( Pierre Mac Orlan )