FOR IMMEDIATE RELEASE
WITH PICTURE
JULY 24, 2025
FQM REPORTS Q2 RESULTS AND S3 PROJECT COMPLETION
LUSAKA, ZAMBIA – The development of First Quantum Minerals’ Kansanshi S3 expansion project in North-Western Province is nearing completion, with first copper production forecast for the second half of this year.
The update comes as FQM announced its global financial and operating results for the second quarter of 2025, reporting gross profits of US$351 million for the second quarter, a 6 percent increase compared to the previous quarter, attributed to higher copper and gold prices.
FQM’s total copper production worldwide for the second quarter was 91,069 tonnes, a 9 percent decrease from the first quarter of 2025 mainly as a result of lower production at Kansanshi.
Operational readiness on the S3 expansion is 93 percent complete, with all employment requirements fulfilled. The transition from a readiness team to the operational team has begun and operators and maintenance personnel have started controlled plant runs.
Kansanshi reported copper production of 40,103 tonnes in the second quarter of 2025, a decrease of 6,441 tonnes from the previous quarter due to lower feed grades despite an increase in mill throughput. A reclassification of copper ore grades and a planned 40-day melter shutdown in June and early July limited processing capacity. Production guidance at Kansanshi for 2025 remains unchanged at 160,000 to 190,000 tonnes of copper and 100,000 to 110,000 ounces of gold. Copper and gold production in 2025 includes production associated with the Kansanshi S3 Expansion, with first production expected in the second half of 2025. The majority of the initial feed for S3 will be sourced from low-grade stockpiles.
Meanwhile, FQM Trident’s Sentinel mine reported copper production of 43,108 tonnes in the second quarter, 3,253 tonnes lower than the previous quarter due to the mining of lower grades from Stage 3. Total throughput improved quarter-over-quarter despite planned stoppages to address Train 2 Ball Mill flange bolt fatigue issues. During the same period, Sentinel began installation of an innovative low-energy consumption rail run conveyor (RRC) to replace traditional idlers conveyor belt rollers. The RRC system, expected to be completed in late 2025, will draw potentially 50-70 percent less power than traditional conveying. Sentinel’s 2025 copper production guidance remains unchanged at 200,000 to 230,000 tonnes. The focus at Sentinel will continue to be on increasing total throughput with various ongoing initiatives. Grades for the year are expected to be lower than 2024 but expected to be relatively higher in the second half of 2025 as mining progresses to the bottom of the Stage 1 pit.
FQM Trident’s Enterprise nickel mine produced 4,018 tonnes of nickel, a 14 percent decrease over the previous quarter due to lower throughput and grades. Grades continued to be impacted by a change in the mining sequence and deployment of permanent ramps to widen the footprint. 2025 production guidance remains unchanged at 15,000 to 25,000 contained tonnes of nickel. The focus for 2025 continues to be on maximising ore supply and comminution efficiency to increase throughput and reduce operating cost per unit. In response to the challenging economic conditions for the nickel market, the mining strategy for the year has been revised to minimise waste stripping while maintaining nickel production within guidance.
”At the S3 Expansion project at Kansanshi, we are in the final stages of commissioning and the project remains on budget and on schedule for first production in the second half of 2025. We remain proud of the significant investment that we are making in S3 and the value that this growth will bring to our surrounding communities, our local suppliers, our work force and the people of Zambia more broadly. Additionally, I am also pleased that test work on a newly identified gold zone at Kansanshi is yielding promising results. We are accelerating further work, including additional test work and a pilot plant. While copper production was lower during the quarter, we are confident on a stronger second half of the year and we remain on track to achieve our 2025 guidance,” said FQM Chief Executive Officer Tristan Pascall.
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About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2024, First Quantum globally produced 431,000 tonnes of copper, 139,000 ounces of gold and 24,000 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi, and the Sentinel copper mine and the Enterprise nickel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/
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