23rd Apr 2009 15:10
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NEWS RELEASE 09-11 April 23, 2009 www.first-quantum.com |
First Quantum Minerals REPORTS FIRST QUARTER 2009 COPPER PRODUCTION
OF 88,600 TONNES
First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported copper production of 88,600 tonnes for the first quarter 2009, a 17% increase over the equivalent 2008 period. The quarter's production is in line with the Company's expectation and its full year estimate of 380,000 tonnes of copper.
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First Quarter |
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|
Operation |
2009 |
2008 |
|
(tonnes) |
||
|
Kansanshi |
60,400 |
52,300 |
|
Guelb Moghrein |
8,900 |
7,700 |
|
Frontier |
19,300 |
13,400 |
|
Bwana Mkubwa |
- |
2,200 |
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Total |
88,600 |
75,600 |
Stockpiles of copper concentrate at March 31, 2009 increased to approximately 37,800 tonnes of copper in concentrate (Kansanshi 30,500 tonnes, Frontier 5,300 tonnes and Guelb Moghrein 2,000 tonnes) from the December 31, 2008 level of 16,400 tonnes as a result of the increased production levels and Zambian smelting capacity constraints. With copper prices low during the quarter it was decided to wait until local smelting capacity and copper prices improved rather than export and incur the high export charges. The Company intends to send existing surplus stockpiles to all of the Zambian smelters over the next two quarters by which time it is expected that stockpiles will be reduced to normal levels.
Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.
Further information will be published in the Company's first quarter operating and financial results.
On Behalf of the Board of Directors 12g3-2b-82-4461
of First Quantum Minerals Ltd. Listed in Standard and Poor's
G. Clive Newall
President
For further information visit our web site at www.first-quantum.com
North American contact: Sharon Loung 8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8 Tel: (604) 688-6577 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: sharon.loung@fqml.com United Kingdom contact: Clive Newall, President 1st Floor, Mill House, Mill Bay Lane, Horsham, West Sussex RH12 1TQ United Kingdom Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected] OrSimon Hockridge Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477
Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.
Related Shares:
FQM.L