2023-07-26 12:56:56 ET
First Quantum Minerals ( OTCPK:FQVLF ) said Wednesday it has started production at the Enterprise mine in Zambia, which is set to become Africa's biggest nickel mine.
The mine is expected to ramp up annual production to 32K tons of nickel over the next two years, making Zambia the continent's largest producer of the metal used in making batteries for electric vehicles, the company said.
First Quantum ( OTCPK:FQVLF ) reported Q2 adjusted earnings of $0.12/share, as results were helped by higher copper sales volumes and lower input costs, partially offset by lower realized copper and nickel prices.
Q2 copper production jumped 35% Q/Q to 187,175 metric tons, attributable to an improvement in grades at the Cobre Panama, Kansanshi and Sentinel operations and higher throughput at Cobre Panama and Sentinel.
Sentinel achieved its highest monthly production for the year in May, and Cobre Panama and Kansanshi achieved the same records in June, the company said.
First Quantum ( OTCPK:FQVLF ) maintained guidance for copper, gold and nickel production, although full-year production for each metal is seen coming in towards the lower end of guidance to reflect YTD production.
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First Quantum launches production at Africa's biggest nickel mine