First Quantum Minerals Reports Q2 2010 Production
First Quantum Minerals Reports Q2 2010 Production of 85,400 Tonnes of Copper and 51,400 Ounces of Gold
VANCOUVER, BRITISH COLUMBIA, Jul 20, 2010 (MARKETWIRE via COMTEX) -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") /quotes/comstock/11t!fm (CA:FM 59.85, -1.12, -1.84%) /quotes/comstock/23s!e:fqm (UK:FQM 3,750, -25.00, -0.66%) today reported second quarter production of 85,400 tonnes of copper and 51,400 ounces of gold. Copper production was lower than planned principally due to management's decision to cut-back capital investment at the Frontier mine during the quarter. This decision was a consequence of the uncertainty regarding the Frontier mine following the legal proceedings instigated by the Democratic Republic of Congo ("RDC") state-owned mining agency, Societe de Developpement Industriel et Minier du Congo ("Sodimico"). Full details of the proceedings and the RDC Supreme Court of Justice decision were reported by the Company on May 23, 2010. The Company will continue to manage the capital investment at Frontier in this manner until a satisfactory clarification of the decision by the Supreme Court is received. As a result, the Company's total copper production estimate for 2010 has been revised to 360,000 tonnes.
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Second Quarter Six Months
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Operation 2010 2009 2010 2009 2010 2009 2010 2009
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Copper (tonnes) Gold (ounces) Copper (tonnes) Gold (ounces)
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Kansanshi 56,100 60,392 26,900 20,117 109,700 121,230 51,200 42,110
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Guelb
Moghrein 10,400 8,036 24,500 20,371 18,800 17,367 44,900 45,142
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Frontier 16,200 24,058 - - 37,000 43,329 - -
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Bwana
Mkubwa 2,700 - - - 5,000 - - -
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Total 85,400 92,486 51,400 40,488 170,500 181,926 96,100 87,252
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Finished copper inventory at June 30, 2010 increased to approximately 40,300 tonnes of copper (Kansanshi 20,600 tonnes, Frontier 10,400 tonnes, Guelb Moghrein 8,800 tonnes and Bwana Mkubwa 500 tonnes), from the March 31, 2010 level of 29,500 tonnes. The increase from Q1 is mainly due to the change in accounting necessary for sales to MetalCorp, the Company's wholly-owned metal marketing division, which was established in February, 2010. Whereas previously sales were recorded at the mine gate, sales by MetalCorp are recorded when delivered to independent third-party purchasers.
Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.
Further information will be published in the Company's second quarter operating and financial results scheduled for release during the week of August 10, 2010.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
Version PDF : http://www.first-quantum.com/i/pdf/2010-07-20_NR.pdf
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