First Quantum Minerals (TSX: FM) expects additional covid-19-like outages in its mining operations now that all precautionary measures have been implemented, the company said Wednesday.
The Cobre Panama mine, which closed in early April on the orders of the Panamanian Ministry of Health, has not recorded any covid-19s at the site since May.
Normal operations resumed in early July and full production was reached before the August schedule, when the mining complex produced just over 25,000 tons of copper.
First Quantum’s updated white paper shows 70% and 40% increases in reserves and resources respectively in Kansanshi, extending the mine’s lifespan to 24 years.
The purpose now is to provide consistent or consistent uniform functionality to Cobre Panama and to maintain the 85 million ton level consistent with the year for the rest of the year, First Quantum said. Production by 2020 is expected to be within the existing forecast of 180,000 to 200,000. tons of cop consisting of and 70,000 to 80,000 ounces of gold.
At the Kansanshi copper and gold mine in Zambia, First Quantum said it continued to operate as planned, providing steady production despite declining oxide grades and recovery.
The company’s recently updated white paper showed 70% and 40% increases in reserves and resources respectively in Kansanshi, extending the mine’s lifespan to 24 years.
The Sentinel mine, also in Zambia, exceeded expectations so far this quarter, reaching above-average monthly production in July with more than 23,000 tons of copper, and in August with more than 25,000 tons of copper produced.
Overall, First Quantum still expects to produce 725,000 to 770,000 tons of copper, 230,000 to 250,000 gold and 15,000 to 17,000 tons of nickel during the year.
Shares of First Quantum Minerals were up 6. 1% as of 12:30 p. m. EDT on Wednesday, limiting the Vancouver-based miner to a market of around C $ 9. 58 billion.