First Quantum Minerals Reports Record Copper Production in 2024
First Quantum Minerals (FQM) achieved strong copper production results in 2024, surpassing its guidance with an annual output of 431,000 tonnes. The performance exceeded the company’s expected range of 400,000-420,000 tonnes, reflecting a year-on-year increase of 54,000 tonnes. The growth was driven by higher ore grades at Kansanshi and increased throughput at Sentinel.
Kansanshi delivered 171,000 tonnes of copper in 2024, a 26.6% increase from 2023, supported by improved grade control and higher feed grades following a mill swap. In Q4 2024 alone, Kansanshi’s output reached 48,000 tonnes, 16,000 tonnes more than in Q4 2023.
Sentinel contributed 231,000 tonnes in 2024, up by 7.9% from the previous year, benefiting from a 5% improvement in grades and a 4% rise in throughput. However, Q4 production at Sentinel declined slightly to 57,000 tonnes, down by 3,000 tonnes from Q4 2023.
In Q4 2024, FQM’s copper production totaled 112,000 tonnes, a 14.3% increase from Q4 2023 but a minor decline compared to Q3 2024. The company’s revised production guidance for 2025-2027 targets copper output of 430,000-490,000 tonnes by 2027, representing a projected growth of 10-15% over the period.
Capital expenditure guidance for 2025 has been raised to $1.3 billion-$1.45 billion, reflecting rising power and labor costs. The S3 Expansion project remains on track and within its $1.25 billion budget, with $630 million already spent in 2024. Sustainability-focused investments, including trolley-assist infrastructure and solar power initiatives at the Enterprise mine, are key priorities for 2025-2027.
Meanwhile, Zambia’s copper production grew by 5.5% year-on-year, reaching 616,398 tonnes from January to October 2024, largely due to increased output in August and September. This marks a recovery from an 8.5% decline in 2023, when annual production totaled 697,790 tonnes. The Zambian government has revised its target to produce 1 million tonnes of copper annually by 2025, two years ahead of the original 2027 target. However, ongoing power challenges pose risks to achieving this goal.
