Q3 results
NINE MONTH COPPER COSTS FALL TO $0.03/LB
THIRD QUARTER GOLD COSTS IMPROVE TO $182 PER OUNCE
(All figures in United States dollars)
First Quantum Minerals Ltd. (VSE Symbol ?FM?) today announced its production and cost statistics for the third quarter and nine months ending August 30, 1999 (see attached Production Highlights).
Bwana Mkubwa Copper Mine, Zambia
In the third quarter, the Bwana Mkubwa mine and sulphuric acid plant produced 5,511,000 pounds of copper cathode and 17,871 tonnes of surplus acid. Cash operating costs were $0.32 per pound of copper and $(0.03) per pound of copper net of surplus acid revenue. For the first nine months of 1999, copper production was 15,479,260 pounds of copper cathode and 49,128 tonnes of surplus acid. Cash operating costs were $0.37 per pound of copper and $0.03 per pound of copper net of surplus acid revenue.
Connemara Gold Mine, Zimbabwe
During the third quarter, the Connemara open pit-heap leach mine produced 6,671 ounces of gold at a cash operating cost of $182 per ounce. Cash operating costs declined by 79% over the second quarter of 1999 as operations began to reap the benefits of improved grade control and enhanced metallurgical recoveries. During the full nine-month period, gold production was 15,081 ounces at a cash operating cost of $251 per ounce.
Clive Newall, President of First Quantum Minerals Ltd. commented ?We are obviously very pleased with the results from Bwana Mkubwa. The operations are performing on a consistent basis resulting in reliable cash flows, which will improve further with rising copper prices. We are equally excited about the continued improvement at the Connemara gold mine where cash operating costs were $182 per ounce in the third quarter. We expect cash costs to remain below $200 per ounce for the foreseeable future resulting in increasing margins and profitable operations at current gold prices.?
First Quantum Minerals Ltd. is an emerging Canadian mining company focused on southern Africa. The Company operates the 100% owned Bwana Mkubwa copper mine in Zambia and the 95% owned Connemara Gold Mine in Zimbabwe. In 1999, production is forecast at 21 million pounds of copper, 21,000 ounces of gold and 70,000 tonnes of surplus sulphuric acid.
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