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Gold/Mining/Energy : first quantum minerals FM on TSE
FM 27.190.0%Jan 8 4:00 PM EST
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To: Stephen O who wrote (293)3/1/2000 7:46:00 AM
From: Dan P  Read Replies (1) of 385
 
News release: Projections on copper production

First Quantum estimates 2000/2001 production

First Quantum Minerals Ltd FM
Shares issued 24,656,037 Feb 28 close $3.70
Tue 29 Feb 2000 News Release
Mr. Clive Newall reports
First Quantum has made its copper production forecast for 2000 and 2001.
Following the closing of the acquisition on of ZCCM's Mufulira division and
the Nkana mines concentrator and cobalt plant, First Quantum estimates
attributable copper production in 2000 will increase to 82 million pounds
at a cash cost of 52 U.S. cents per pound, net of cobalt credits, acid and
smelter revenues. Attributable copper production is expected to further
increase in 2001 to 124 million pounds at a cash cost of 49 U.S. cents per
pound, net off cobalt credits, acid and smelter revenues. Attributable
cobalt production for 2000 and 2001 are forecast at 1.7 million pounds and
2.1 million pounds respectively. In addition, First Quantum will produce
approximately 23,000 ounces of gold in 2000 and 2001 from the Connemara
mine in Zimbabwe.

Attributable Copper Production

2000 2001
-------------------- -----------------
Copper Cost Copper Cost
Production (U.S.$ Production (U.S.$
(millions /pound) (millions /pound)
of pounds) of pounds)

Bkwana Mkuwba Mine

21 $0.10 21 $0.10

Nkana Mine

29 $0.62 53 $0.49

Mufulira Mine

32 $0.71 50 $0.65
-----------------------------------------
Total 82 $0.52 124 $0.49

Copper cash costs are calculated net of cobalt credits, acid and smelter
revenues.
Production and cash costs for 2000 assume eight months of production from
Mufulira and Nkana beginning April, 2000.
First Quantum's year-end is November.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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