FQM Records 13% Surge in Q3 Copper Production, Expands Future Growth in Zambia
First Quantum Minerals (FQM) has announced a 13% increase in copper production for the third quarter of 2024, alongside a significant rise in global income tax contributions, signaling strong growth and resilience in its Zambian operations.
FQM’s Kansanshi mine in Solwezi reported a 20% production increase, reaching 49,810 tonnes, while the Sentinel mine in Kalumbila produced 58,412 tonnes, a 9% improvement from the previous quarter.
The company credits these gains to higher feed grades and operational efficiencies, even as Zambia faces ongoing power challenges. Proactive measures by FQM’s team mitigated production disruptions, allowing for stable output despite restrictions from the national utility, ZESCO.
Chief Executive Officer Tristan Pascall praised the Zambian team for their performance, though he expressed condolences following a tragic accident at Kansanshi in September. “While it is pleasing to see continued strong operational performance, this was marred by a tragic accident resulting in the loss of a colleague,” he said, emphasizing the company’s commitment to safety and support for the family affected.
Third-quarter global revenue for FQM reached $456 million, up from $333 million in Q2 2024. The rise was bolstered by higher copper and gold sales volumes and stronger realized gold prices.
Kansanshi Mine achieved its highest copper production since late 2021, aided by a strategic mill swap that increased the throughput of high-grade materials. Gold output also rose, with 31,659 ounces produced – the best quarter since early 2022.
In addition to copper production gains, FQM’s new Enterprise nickel mine in Kalumbila experienced its first full quarter of commercial production, yielding 4,827 tonnes of nickel. Although down from Q2’s 6,147 tonnes, the plant achieved record throughput in August, demonstrating operational stability.
FQM has now revised its annual copper production guidance for Kansanshi to 155,000–165,000 tonnes, up from 130,000–150,000 tonnes, while maintaining its Sentinel forecast at 220,000–230,000 tonnes for the year.
The S3 Expansion at Kansanshi is also advancing well, with the SAG and ball mills assembled and gearless mill drives under installation, paving the way for increased output in the second half of 2025.
Pascall reaffirmed FQM’s dedication to Zambia, highlighting plans for future growth: “The ongoing investments underscore our commitment to the country and its people. We’re optimistic about the future of our Zambian operations,” he said.
