First Quantum Minerals Reports Q2 2011 Production of 64,500 Tonnes of Copper and 40,700 Ounces of Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/07/11 -- First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX: FM)(LSE: FQM) today reported Q2 2011 production of 64,500 tonnes of copper and 40,700 ounces of gold. Production was affected by maintenance-related downtime at both operations and the processing of low-grade, high acid consuming oxide ore at the Kansanshi mine.
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Second Quarter Year
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Operation 2011 2010 2011 2010 2011 2010 2011 2010
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Copper Gold Copper Gold
(tonnes) (ounces) (tonnes) (ounces)
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Kansanshi 56,200 56,108 25,400 26,919 121,000 109,691 56,000 51,191
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Guelb
Moghrein 8,300 10,390 15,300 24,552 18,400 18,795 33,800 44,922
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Frontier - 16,181 - - - 36,967 - -
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Bwana
Mkubwa - 2,723 - - - 5,011 - -
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Total 64,500 85,402 40,700 51,471 139,400 170,464 89,800 96,113
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Finished copper inventory at June 30, 2011 decreased to approximately 39,000 tonnes of copper (Kansanshi 27,400 tonnes, Guelb Moghrein 11,600 tonnes), from the March 31, 2011 level of 40,121 tonnes.
Note: Production and stockpile numbers are preliminary and subject to final adjustment.
Further information will be published in the Company's report on operating and financial results for the second quarter and first half 2011 which is scheduled for release during the week of August 8, 2011.
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
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
Clive Newall
President
44 140 327 3484
44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com
Maitland
Brian Cattell
44 207 379 5151
bcattell@maitland.co.uk
Maitland
James Devas
44 207 379 5151
44 20 7379 6161 (FAX)
jdevas@maitland.co.uk