First Quantum Minerals lowered its copper production forecast for 2024 due to mine sequencing at its Zambian operations and the ongoing political impasse at its Cobre Panama mine. The company now expects to produce 380,000–440,000 tonnes of copper, down from the previous estimate of 400,000–450,000 tonnes.
First Quantum Minerals has cut its copper guidance by 3.5% at the midpoint, citing Zambia n mine sequencing, while politics has kept its Cobre Panama idle.
First Quantum Minerals shares trading in Toronto fell as much as 4.3%, or C85¢, on the news Thursday morning before closing at C$18.73, down 3.8%. The stock has ranged between C$10.91 and C$21.45 over the past 12 months and it has a market capitalization of C$15.6 billion .Challenges persist at Cobre Panama, where production remains halted.
Rising labour and power costs in Zambia are adding pressure, with 2025 capital expenditures now expected to reach $1.3–$1.45 billion, an increase of $100 million due to deferred 2024 spending and inflation.Last year, the company’s operations exceeded expectations, with total copper production reaching 431,000 tonnes, beating the 400,000–420,000-tonne guidance range. Kansanshi contributed 171,000 tonnes, a 36,000-tonne increase from 2023, driven by higher grades and improved grade control.
Copper Production Mining First Quantum Minerals Zambia Panama
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