First Quantum Minerals Reports Q3 2010 Production of 76,600 Tonnes of Copper and 46,700 Ounces of Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/10 -- First Quantum Minerals Ltd. (TSX: FM)(LSE: FQM) ('First Quantum' or the 'Company') today reported third quarter production of 76,600 tonnes of copper and 46,700 ounces of gold. Lower year-over-year copper production was principally due to the suspension of operations at the Frontier mine following the unjustified withdrawal of its mining permits by the Democratic Republic of Congo mining registry; a four-day shutdown of the sulphide circuit at the Kansanshi mine; and abnormally wet weather at Guelb Moghrein.
The Company's updated production forecast for 2010 is for 322,000 tonnes of copper and 195,000 ounces of gold. For 2011, the forecast is for 305,000 tonnes of copper and 210,000 ounces of gold. The Company also expects to begin nickel production in 2011 with the commissioning of the Ravensthorpe project planned for the second half of the year.
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Third Quarter Nine Months
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Operation 2010 2009 2010 2009 2010 2009 2010 2009
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Copper Gold Copper Gold
(tonnes) (ounces) (tonnes) (ounces)
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Kansanshi 55,200 61,296 29,400 25,350 164,900 182,526 80,600 67,460
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Guelb Moghrein 8,500 7,425 17,300 18,007 27,300 24,792 62,200 63,149
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Frontier 10,500 24,765 - - 47,500 68,094 - -
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Bwana Mkubwa 2,400 - - - 7,400 - - -
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Total 76,600 93,486 46,700 43,357 247,100 275,412 142,800 130,609
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Finished copper inventory at September 30, 2010 decreased to approximately 36,900 tonnes of copper (Kansanshi 21,800 tonnes, Frontier 6,600 tonnes, Guelb Moghrein 8,100 tonnes and Bwana Mkubwa 400 tonnes), from the June 30, 2010 level of 40,700 tonnes.
Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.
Further information will be published in the Company's third quarter operating and financial results scheduled for release during the week of November 8, 2010.
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
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 Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.
Contacts:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
Director Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
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
Hogarth Partnership Ltd. - United Kingdom Contact
Simon Hockridge
+44 (0) 20 7357 9477
shockridge@hogarthpr.co.uk
Maitland - United Kingdom Contact
Brian Cattell
+44 207 379 5151
+44 20 7379 6161 (FAX)
bcattell@maitland.co.uk
Maitland - United Kingdom Contact
James Devas
+44 207 379 5151
+44 20 7379 6161 (FAX)
jdevas@maitland.co.uk