The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

First Quantum Minerals Reports Q2 2011 Production of 64,500 Tonnes of Copper and 40,700 Ounces of Gold

Thursday, July 07, 2011

First Quantum Minerals Reports Q2 2011 Production of 64,500 Tonnes of Copper and 40,700 Ounces of Gold09:00 EDT Thursday, July 07, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) -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. Second QuarterYearOperation20112010201120102011201020112010CopperGoldCopperGold(tonnes)(ounces)(tonnes)(ounces)Kansanshi56,20056,10825,40026,919121,000109,69156,00051,191Guelb Moghrein8,30010,39015,30024,55218,40018,79533,80044,922Frontier-16,181---36,967--Bwana Mkubwa-2,723---5,011--Total64,50085,40240,70051,471139,400170,46489,80096,113Finished 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, President12g3-2b-82-4461Listed in Standard and Poor'sCertain 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 Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.FOR FURTHER INFORMATION PLEASE CONTACT: Sharon LoungFirst Quantum Minerals Ltd. - North AmericanDirector, Investor Relations(647) 346-3934 or Toll Free: 1 (888) 688-6577(604) 688-3818 (FAX)sharon.loung@fqml.comORClive NewallFirst Quantum Minerals Ltd. - United KingdomPresident+44 140 327 3484+44 140 327 3494 (FAX)clive.newall@fqml.comwww.first-quantum.comORBrian CattellMaitland+44 207 379 DevasMaitland+44 207 379 5151+44 20 7379 6161 (FAX)