First Quantum Minerals (TSX:FM) has reported for the three months ended December 31, 2019 comparative earnings of US$35 million (US$0.05 per share), net loss attributable to shareholders of the company of US$115 million (US$0.17 loss per share) and cash flows from operating activities of US$400 million (US$0.58 per share).
As quoted in the press release, company CEO Philip Pascall said:
“2019 saw the Company achieve record production in Q4 and for the year overall. We are now well on our way to our goal of producing more than 800,000 tonnes of copper a year, expanding our geographies, making us one of the largest global copper producers with a highly competitive cost base. This outcome was only possible due to the highly successful commissioning of Cobre Panama, an enormous project by any standard, which was completed in the year.”
As highlighted in the press release:
- Commercial production was achieved at Cobre Panama on September 1, less than seven months from first ore being introduced to the milling circuit. Total production at Cobre Panama for the year was 147,480 tonnes of copper of which 79,776 tonnes were commercial.
- Record total copper production in Q4 of 204,270 tonnes produced and the full year 2019 record total copper production of 702,148 tonnes, an increase of 16 percent from 2018
- Q4 cost of copper production: All-in sustaining cost (AISC”) of $1.73 per lb, cash cost (C1) of US$1.24 per pound and total cost (C3) of US$2.07 per pound. C1 copper costs at Cobre Panama for Q4 improved to US$1.28 per pound; AISC of US$1.85 per pound and C3 costs of US$2.12 per pound in the first full quarter of commercial production.
- 2019 full year cost of copper production: AISC of US$1.78 per pound, C1 of US$1.31 per pound and C3 of US$2.16 per pound.
- Gold production of 77,789 ounces in Q4 and 256,913 ounces for the full year including 60,074 ounces produced at Cobre Panama. 2019 total gold production increased 39 percent from 2018.