First Quantum Minerals Ltd.
TSX : FM
LSE : FQM

First Quantum Minerals Ltd.

January 26, 2015 22:34 ET

First Quantum Minerals Announces Its 2014 Production and Sales and 2015 Production and Capital Expenditure Outlook

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2015) - First Quantum Minerals Ltd. ("First Quantum") (TSX:FM)(LSE:FQM) today announced its production and sales for the three months and year ended December 31, 2014 and production and capital expenditure outlook for the full year 2015.

CEO'S COMMENTS

"Overall our operations performed well in 2014 recording the highest annual copper production in the Company's history. Limited local smelter capacity in Zambia persisted and affected Kansanshi's performance and sales; and a structural failure in an atmospheric leach tank at Ravensthorpe suspended operations there in mid-December. The spill from the failure was contained within the plant's protective area, there were no environmental effects or injuries and we anticipate the mine will be back in production shortly.

"2015 is an important year for First Quantum. Our smelter in Zambia is being commissioned with first anodes poured during December 2014. First concentrate was also successfully produced at Sentinel during the fourth quarter 2014. The smelter's ramp up will influence the rate of production build-up of our new Sentinel mine. This will also influence, as more acid becomes available, the level and mix of operations and unit cost of production at Kansanshi.

"The financial and commodity markets have started 2015 with high volatility on concerns about the global economy, demand for natural resources and companies' liquidity positions. As a result, our share price, along with others in the sector, has been materially affected. While we have high confidence in the mid to long-term outlook for copper, we are mindful of the current concerns. As always, we pay close attention to the Company's financial position to make sure there is sufficient flexibility despite having an active project development pipeline. At Cobre Panama, we have substantially reduced the planned capital expenditure for 2015 to $600 million without compromising the project's progress. We also maintain strong and supportive relationships with our principal banks that have worked with us throughout the development of the Company and through several economic and commodity cycles," noted Philip Pascall, First Quantum's CEO and Chairman.

FULL YEAR 2014 HIGHLIGHTS

  • Production for copper, nickel, gold and zinc were all within the Company's previously-announced market guidance range while platinum and palladium were above
    • Copper increased 4% to 427,655 tonnes
    • Nickel decreased 3% to 45,879 tonnes
    • Gold decreased 7% to 229,813 ounces
    • Zinc increased 12% to 55,980 tonnes
    • Platinum increased 12% to 34,090 ounces
    • Palladium increased 5% to 25,990 ounces
  • Sales of copper and zinc higher while nickel and gold lower compared to 2013
    • Copper increased 7% to 411,203 tonnes
    • Nickel decreased 3% to 47,749 tonnes
    • Gold decreased 6% to 214,104 ounces
    • Zinc increased 8% to 56,268 tonnes
FOURTH QUARTER AND YEAR PRODUCTION SUMMARY
Q4
2014
Q4
2013
Year
2014
Year
2013
Copper (tonnes) 105,176 114,791 427,655 412,281
Nickel (contained tonnes) 9,934 12,634 45,879 47,066
Gold (ounces) 57,480 63,199 229,813 248,078
Zinc (tonnes) 12,557 15,393 55,980 49,933
Platinum (ounces) 9,311 7,993 34,090 30,403
Palladium (ounces) 7,234 6,600 25,990 24,639
FOURTH QUARTER AND YEAR SALES SUMMARY
Q4
2014
Q4
2013
Year
2014
Year
2013
Copper (tonnes) 94,836 95,598 411,203 386,057
Nickel (contained tonnes) 12,189 13,795 47,749 49,105
Gold (ounces) 48,608 50,399 214,104 228,962
Zinc (tonnes) 12,663 17,866 56,268 51,925
Platinum (ounces) 8,330 11,375 33,898 28,930
Palladium (ounces) 6,256 8,167 25,846 23,420
FOURTH QUARTER AND YEAR PRODUCTION AND SALES SUMMARIES BY MINE
KANSANSHI Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Copper (tonnes) 61,924 72,602 262,287 270,724
Gold (ounces) 36,705 43,508 154,431 167,395
Sales
Copper (tonnes) 52,721 57,692 247,312 248,746
Gold (ounces) 27,731 36,844 142,609 152,632
LAS CRUCES Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Copper (tonnes) 17,525 18,346 71,090 69,304
Sales
Copper (tonnes) 15,594 16,883 71,120 66,806
GUELB MOGHREIN Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Copper (tonnes) 9,768 8,866 33,079 37,970
Gold (ounces) 13,901 13,336 48,948 58,191
Sales
Copper (tonnes) 8,519 6,327 30,095 36,585
Gold (ounces) 13,421 8,281 45,901 56,040
RAVENSTHORPE Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Nickel (contained tonnes) 7,736 10,244 36,445 38,103
Sales
Nickel (contained tonnes) 9,912 10,142 37,981 40,612
KEVITSA Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Nickel (contained tonnes) 2,197 2,390 9,433 8,963
Copper (tonnes) 4,101 4,015 17,535 14,775
Gold (ounces) 3,093 3,008 12,844 11,723
Platinum (ounces) 9,311 7,993 34,090 30,403
Palladium (ounces) 7,234 6,600 25,990 24,639
Sales
Nickel (contained tonnes) 2,277 3,652 9,768 8,493
Copper (tonnes) 5,545 2,938 19,542 12,652
Gold (ounces) 3,229 1,182 10,876 7,358
Platinum (ounces) 8,330 11,375 33,898 28,930
Palladium (ounces) 6,256 8,167 25,846 23,420
ÇAYELI Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Copper (tonnes) 7,820 7,538 29,360 31,510
Zinc (tonnes) 8,513 9,837 36,218 43,097
Sales
Copper (tonnes) 8,419 7,940 29,241 31,370
Zinc (tonnes) 9,362 12,179 37,298 43,354
PYHÄSALMI Q4
2014
Q4
2013
Year
2014
Year
2013
Production
Copper (tonnes) 4,038 3,422 14,304 14,854
Zinc (tonnes) 4,043 5,556 19,762 21,679
Sales
Copper (tonnes) 4,038 3,819 13,894 15,221
Zinc (tonnes) 3,300 5,687 18,970 22,339

Notes:

Production and sales numbers are preliminary and subject to final adjustment.

Production and sales numbers for Las Cruces, Çayeli and Pyhäsalmi for Year 2013 are on a pro-forma full year basis.

FULL YEAR 2015 OUTLOOK

Copper
(000's tonnes)
Nickel
(000's tonnes)
Gold
(000's ounces)
Zinc
(000's tonnes)
Platinum
(000's ounces)
Palladium
(000's ounces)
Total 410 - 440 32 - 40 218 - 247 40 - 45 25 - 35 26 - 29
Kansanshi 250 - 265 - 150 - 170 - - -
Las Cruces 69 - 72 - - - - -
Guelb Moghrein 40 - 45 - 52 - 57 - - -
Ravensthorpe - 24 - 30 - - - -
Kevitsa 16 - 18 8 - 10 11 - 13 - 25 - 35 26 - 29
Çayeli 24 - 27 - - 22 - 25 - -
Pyhäsalmi 11 - 13 - 5 - 7 18 - 20 - -
  • In addition to the above, total physical production at Sentinel in 2015 is expected to be between 150,000 and 200,000 tonnes of copper. Sentinel is performing well in the commissioning phase and ramping up as planned towards commercial operation midway through 2015.
  • Total capital expenditure, excluding capitalization of any pre-commercial production costs and capitalized interest, is estimated to be between $1.2 billion to $1.4 billion.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President

12g3-2b-82-4461

Listed in Standard and Poor's

Contact Information

  • First Quantum Minerals Ltd. - North American contact:
    Sharon Loung
    Director, Investor Relations
    (647) 346-3934
    (604) 688-3818 (FAX)
    Toll Free: 1 (888) 688-6577
    sharon.loung@fqml.com

    First Quantum Minerals Ltd. - United Kingdom contact:
    Clive Newall
    President
    +44 140 327 3484
    +44 140 327 3494 (FAX)
    clive.newall@fqml.com
    www.first-quantum.com