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Sunday, February 9, 2025
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FQM Reports Strong Performance in 2024 Following Successful Production Results

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First Quantum Minerals (FQM) has reported that it recorded a strong performance in 2023 following substantial production at its Kansanshi and Sentinel mines.

FQM has indicated that the strong results recorded in 2024 position the firm for sustainable and resilient operations, with the S3 Expansion project at Kansanshi mine progressing well and set for completion in mid-2025.

According to a report released by the firm yesterday, FQM produced 431,000 tonnes of copper in 2024, exceeding the initial target of 400,000 to 420,000 tonnes.

“It is encouraging to see our Zambian operations delivering strong results in 2024, supported by our focus on operational excellence across copper, gold, and nickel production. The S3 Expansion represents an inflection point that will enhance the Company’s financial resilience and support sustainable growth,” FQM Chief Executive Officer Tristan Pascall said.

Pascall further disclosed that work is on course at FQM’s Kansanshi S3 expansion project, which will drive massive copper production and extend the mine’s lifespan.

“Early commissioning work, including the 33kV power line and substation, is underway. This project is central to FQM’s long-term strategy, enabling a progressive increase in copper production from low-grade stockpiles initially, followed by higher-grade ore from the South East Dome deposit in 2027,” he said.

Kansanshi mine recorded its highest production of copper and gold since 2021 and 2022, a production increase that was also greatly driven by higher grades.

At Sentinel, copper production also increased, with the rate of higher grades produced reaching its highest average since 2017.

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