Canada-based First Quantum produced 702,148mt of copper in 2019, up by 16pc from 605,852mt in 2018. For 2020, the company’s guidance for copper output is at 830,000-880,000mt.
The company attributed its increased output to commissioning of Cobre Panama project which was completed within a year. First Quantum has raised the copper guidance in 2020 by around 128,000mt, based on the performance of its mines.
| Production Guidance (kt) | 2020 | 2021 | 2022 |
| Copper | 830-880 | 800-850 | 800-850 |
First Quantum produced 204,270mt of copper in the Dec quarter, up by 29pc from 158,304mt in the prior-year period. In 2019, the company produced 702,148mt of copper, up by 16pc from 605,853mt in 2018.
Copper sales in December quarter were 205,964mt, up by 32pc from the prior-year period. In 2019, these sales were 689,386mt, up by 16pc from 596,513mt in the prior year. December quarter was the first full quarter of commercial production as First Quantum ramps up its operations.
| Production and Sales (mt) | Dec Quarter 2019 | Dec Quarter 2018 | Growth Pc (YoY) | 2019 | 2018 | Growth Pc 2019 |
| Copper Production | 204,270 | 158,304 | 29% | 702,148 | 605,853 | 16% |
| Sales | 205,964 | 156,212 | 32% | 689,386 | 596,513 | 16% |
The company’s sales revenue in 2019 was $4,067mn, up by 3pc from the prior year and gross profit was $790mn, down by 19pc from the prior year. Mill throughput for the month of December was 6.6mn mt.