TORONTO, June 24, 2019 /CNW/ - First Quantum
Minerals Ltd. ("First Quantum" or "the Company") (TSX:FM)
announced today that the first shipment of copper concentrate from
Cobre Panama has left port. This shipment is the first from
the operation and a significant milestone of the ongoing
ramp-up. Cobre Panama is the Company's newest operation
located in the district of Donoso, Colon province, in the Republic
of Panama, which commenced
production earlier in the year.
The Missy Enterprise (a Panama
flagged vessel), departed the Punta Rincon port at Cobre Panama on
June 19, 2019 with a total load of
31,377 wet metric tonnes of copper concentrate as per the Captain's
draft survey. The next vessel, the Clarke Quay, has already docked
at the Cobre Panama port and will be loading approximately
44,000 wet metric tonnes of copper
concentrate over the next few days. Ongoing vessels are expected
every 2-3 weeks.
This first shipment, at copper concentrate grades consistent
with plan, is a significant milestone in the ramp-up at the
Project. Cobre Panama remains on track to produce between
140-175,000 tonnes of copper in 2019 with more than 80% of
production expected in the second half of the year and ramping up
to over 300,000 tonnes of annual copper production over the next
few years, consistent with Company guidance. More information
will be provided when the Company reports second quarter financial
and operating results in late July.
On Behalf of the Board of Directors of First Quantum Minerals
Ltd.
G. Clive
Newall
President
For further information visit our website at
www.first-quantum.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The forward-looking statements include
estimates, forecasts and statements as to the Company's
expectations of production and sales volumes, and expected timing
of completion of project development at Cobre Panama and Enterprise
and are subject to the impact of ore grades on future production,
the potential of production disruptions (including at Cobre Las
Cruces as a result of the land slippage in January 2019), capital expenditure and mine
production costs, the outcome of mine permitting, other required
permitting, the outcome of legal proceedings which involve the
Company, information with respect to the future price of copper,
gold, silver, nickel, zinc, pyrite, cobalt, iron and sulphuric
acid, estimated mineral reserves and mineral resources, First
Quantum's exploration and development program, estimated future
expenses, exploration and development capital requirements, the
Company's hedging policy, and goals and strategies. Often, but not
always, forward-looking statements or information can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate" or
"believes" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about continuing
production at all operating facilities, the price of copper, gold,
nickel, zinc, pyrite, cobalt, iron and sulphuric acid, anticipated
costs and expenditures and the ability to achieve the Company's
goals. Forward-looking statements and information by their nature
are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements or
information. These factors include, but are not limited to, future
production volumes and costs, the temporary or permanent closure of
uneconomic operations, costs for inputs such as oil, power and
sulphur, political stability in Zambia, Peru,
Mauritania, Finland, Spain, Turkey, Panama, Argentina and Australia, adverse weather conditions in
Zambia, Finland, Spain, Turkey, Mauritania and Panama, labour disruptions, potential social
and environmental challenges, power supply, mechanical failures,
water supply, procurement and delivery of parts and supplies to the
operations, and the production of off-spec material.
See the Company's Annual Information Form for additional
information on risks, uncertainties and other factors relating to
the forward-looking statements and information. Although the
Company has attempted to identify factors that would cause actual
actions, events or results to differ materially from those
disclosed in the forward-looking statements or information, there
may be other factors that cause actual results, performances,
achievements or events not to be anticipated, estimated or
intended. Also, many of these factors are beyond First Quantum's
control. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. All forward-looking
statements and information made herein are qualified by this
cautionary statement.
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SOURCE First Quantum Minerals Ltd.