FQM Nears Completion of Kansanshi S3 Project as Q2 Profits Climb to $351M
First Quantum Minerals (FQM) has announced its financial and operational results for the second quarter of 2025, highlighting a 6% increase in gross profit to US$351 million, driven by stronger copper and gold prices. This comes as the company moves closer to completing its Kansanshi S3 expansion project in Zambia’s North-Western Province.
FQM’s total global copper production for Q2 stood at 91,069 tonnes, a 9% drop from the previous quarter. This was mainly due to reduced output at the Kansanshi mine, which produced 40,103 tonnes—down by 6,441 tonnes from Q1. The decline was attributed to lower feed grades and a planned 40-day melter shutdown that affected processing capacity.
Despite the dip, FQM reaffirmed its 2025 production guidance for Kansanshi at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. The company expects first production from the Kansanshi S3 expansion in the second half of the year, with most initial feed coming from low-grade stockpiles. Operational readiness for the S3 project is 93% complete, with controlled plant runs already underway.
“While copper production was lower during the quarter, we are confident of a stronger second half of the year and remain on track to achieve our 2025 guidance,” said Tristan Pascall, FQM Chief Executive Officer. “We are also pleased with the promising test work on a newly identified gold zone at Kansanshi and are accelerating further assessments.”
Meanwhile, FQM’s Sentinel mine at Kalumbila reported 43,108 tonnes of copper, down 3,253 tonnes from Q1 due to lower grades mined from Stage 3. However, total throughput increased, and the mine initiated the installation of a low-energy rail run conveyor system expected to reduce power consumption by up to 70% upon completion in late 2025.
At the Enterprise nickel mine, Q2 output was 4,018 tonnes—a 14% drop linked to lower throughput and grades resulting from changes in the mining sequence. FQM maintained its 2025 nickel production guidance of 15,000 to 25,000 tonnes, with revised strategies focused on reducing costs while meeting output targets.
FQM operates three major mines in Zambia: Kansanshi copper and gold mine, Sentinel copper mine, and Enterprise nickel mine. The company is listed on the Toronto Stock Exchange and operates in several countries including Panama, Australia, Spain, and Turkey.
