First Quantum output falls in second quarter

First Quantum output falls in second quarter
By BFN News | 02:09 PM | Thursday 07 July, 2011
First Quantum Min.Com Shs NPV (FQM)


First Quantum Minerals' second quarter production figures were affected by maintenance-related downtime. Copper production fell to 64,500 tonnes - down from 85,402 tonnes last year - and gold output fell to 40,700 ounces from 51,461 in the corresponding period last year. First Quantum said production was affected by maintenance-related downtime at both operations and the processing of low-grade, high acid consuming oxide ore at the Kansanshi mine. At 2:09pm: (LON:FQM) First Quantum Minerals share price was +215p at 9345p Story provided by StockMarketWire.com

[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

[cvarvois]

il faut souligner, qu'a priori, la production de Kansanshi n'est pas en cause (elle progresse même très légèrement, à 56 200 tonnes contre 56 108). Cette baisse est semble t-il la conséquence de l'arrêt des productions de Bwana Mkubwa et Frontier (RDC). ZCCM n'est donc pas impactée, à moins d'une acquisition prochaine de titres First Quantum !

Mais cela aurait pu être encore mieux pour Kansanshi : "and the company's Kansanshi mine processed lower grade oxide ore during the quarter".