First Quantum Minerals releases preliminary production for 2022 and guidance

VANCOUVER — First Quantum Minerals Ltd. says it expects copper and gold production for 2022 to be down from 2021, at 4.9 per cent and 8.3 per cent respectively, while it expects nickel production to be 29.4 per cent higher.

The Vancouver-based company says its Cobre Panama mine delivered record production in 2022.

That mine is at the centre of ongoing talks between First Quantum and the Panama government in attempts to reach an agreement that will allow the company to continue operating the mine.

The company says its guidance for 2023 through 2025 is based on normal operations with no disruption to production.

It expects copper production in 2023 to be between 770,000 and 840,000 tonnes, rising slightly year over year to between 775,000 and 865,000 tonnes in 2025.

The company expects similar production trajectories for gold and nickel, with gold production in 2023 between 265,000 and 295,000 ounces, and nickel production in 2023 between 28,000 and 38,000 tonnes.

This report by The Canadian Press was first published Jan. 16, 2023.

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The Canadian Press