VANCOUVER, BRITISH COLUMBIA
-- (Marketwired)
-- 01/26/15
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
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Q4 Q4 Year Year
2014 2013 2014 2013
----------------------------------------------------- --------------------
Copper (tonnes) 105,176 114,791 427,655 412,281
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Nickel (contained tonnes) 9,934 12,634 45,879 47,066
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Gold (ounces) 57,480 63,199 229,813 248,078
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Zinc (tonnes) 12,557 15,393 55,980 49,933
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Platinum (ounces) 9,311 7,993 34,090 30,403
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Palladium (ounces) 7,234 6,600 25,990 24,639
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FOURTH QUARTER AND YEAR SALES SUMMARY
----------------------------------------------------- --------------------
Q4 Q4 Year Year
2014 2013 2014 2013
----------------------------------------------------- --------------------
Copper (tonnes) 94,836 95,598 411,203 386,057
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Nickel (contained tonnes) 12,189 13,795 47,749 49,105
----------------------------------------------------- --------------------
Gold (ounces) 48,608 50,399 214,104 228,962
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Zinc (tonnes) 12,663 17,866 56,268 51,925
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Platinum (ounces) 8,330 11,375 33,898 28,930
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Palladium (ounces) 6,256 8,167 25,846 23,420
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FOURTH QUARTER AND YEAR PRODUCTION AND SALES SUMMARIES BY MINE
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Q4 Q4 Year Year
KANSANSHI 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Copper (tonnes) 61,924 72,602 262,287 270,724
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Gold (ounces) 36,705 43,508 154,431 167,395
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Sales
----------------------------------------------------- --------------------
Copper (tonnes) 52,721 57,692 247,312 248,746
----------------------------------------------------- --------------------
Gold (ounces) 27,731 36,844 142,609 152,632
----------------------------------------------------- --------------------
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Q4 Q4 Year Year
LAS CRUCES 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Copper (tonnes) 17,525 18,346 71,090 69,304
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Sales
----------------------------------------------------- --------------------
Copper (tonnes) 15,594 16,883 71,120 66,806
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Q4 Q4 Year Year
GUELB MOGHREIN 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Copper (tonnes) 9,768 8,866 33,079 37,970
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Gold (ounces) 13,901 13,336 48,948 58,191
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Sales
----------------------------------------------------- --------------------
Copper (tonnes) 8,519 6,327 30,095 36,585
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Gold (ounces) 13,421 8,281 45,901 56,040
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Q4 Q4 Year Year
RAVENSTHORPE 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Nickel (contained tonnes) 7,736 10,244 36,445 38,103
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Sales
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Nickel (contained tonnes) 9,912 10,142 37,981 40,612
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Q4 Q4 Year Year
KEVITSA 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Nickel (contained tonnes) 2,197 2,390 9,433 8,963
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Copper (tonnes) 4,101 4,015 17,535 14,775
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Gold (ounces) 3,093 3,008 12,844 11,723
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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
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Platinum (ounces) 8,330 11,375 33,898 28,930
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Palladium (ounces) 6,256 8,167 25,846 23,420
----------------------------------------------------- --------------------
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Q4 Q4 Year Year
CAYELI 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
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Copper (tonnes) 7,820 7,538 29,360 31,510
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Zinc (tonnes) 8,513 9,837 36,218 43,097
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Sales
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Copper (tonnes) 8,419 7,940 29,241 31,370
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Zinc (tonnes) 9,362 12,179 37,298 43,354
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Q4 Q4 Year Year
PYHASALMI 2014 2013 2014 2013
----------------------------------------------------- --------------------
Production
----------------------------------------------------- --------------------
Copper (tonnes) 4,038 3,422 14,304 14,854
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Zinc (tonnes) 4,043 5,556 19,762 21,679
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Sales
----------------------------------------------------- --------------------
Copper (tonnes) 4,038 3,819 13,894 15,221
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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, Cayeli and Pyhasalmi for Year 2013 are on a pro-forma full year basis.
FULL YEAR 2015 OUTLOOK
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Copper Nickel Gold Zinc Platinum Palladium
(000's (000's (000's (000's (000's (000's
tonnes) tonnes) ounces) tonnes) ounces) ounces)
----------------------------------------------------------------------------
Total 410 - 440 32 - 40 218 - 247 40 - 45 25 - 35 26 - 29
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Kansanshi 250 - 265 - 150 - 170 - - -
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Las Cruces 69 - 72 - - - - -
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Guelb Moghrein 40 - 45 - 52 - 57 - - -
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Ravensthorpe - 24 - 30 - - - -
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Kevitsa 16 - 18 8 - 10 11 - 13 - 25 - 35 26 - 29
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Cayeli 24 - 27 - - 22 - 25 - -
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Pyhasalmi 11 - 13 - 5 - 7 18 - 20 - -
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-- 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
Contacts:
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
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