First Quantum Minerals Ltd. announces first quarter production
4/26/0 14:4 (New York)
statistics
(All figures in United States dollars)
VANCOUVER, April 26 /CNW-PRN/ - First Quantum Minerals Ltd. (TSE Symbol
``FM'') is pleased to announce its production and cost statistics for the
first quarter ending February 29, 2000 (see attached Production Highlights).
Bwana Mkubwa Copper Mine, Zambia
In the first quarter of 2000, the Bwana Mkubwa SX-EW mine and integrated
sulphuric acid plant produced 5,408,616 pounds of LME grade copper
cathode and 11,194 tonnes of surplus acid. This compares with 5,122,096
pounds of LME grade copper cathode and 16,969 tonnes of surplus acid
produced during the same period in 1999. Cash operating costs were
$0.45 per pound of copper and $0.21 per pound of copper net of surplus
acid contribution compared with $0.42 per pound of copper and $0.08 per
pound of copper net of surplus acid contribution in 1999. During the
quarter, the sulphuric acid plant experienced an unscheduled shut down
to repair a cooling unit. The shut down resulted in reduced acid
production and higher acid unit production costs. As a consequence,
copper cash operating costs were marginally higher and less acid was
available for resale when compared to the same period in 1999. As of
February 2000, the cooling unit had been repaired and the acid plant was
operating at full design capacity.
Connemara Gold Mine, Zimbabwe
During the first quarter of 2000, the Connemara open pit-heap leach mine
produced 5,557 ounces of gold at a cash operating cost of $247 per
ounce. This compares with 3,420 ounces of gold at a cash operating cost
of $296 per ounce during the same period in 1999. Cash costs were
adversely affected during the first quarter by rising inflation due to
political and economic instability within Zimbabwe.
Outlook
Clive Newall, President of First Quantum Minerals commented ``Copper
production at the Bwana Mkubwa mine was in line with our forecast,
however surplus sulphuric acid production was under budget which will
result in a reduction to first quarter revenues. All repairs to the
acid plant have been completed and second quarter production and
revenues will return to forecast levels. At the Connemara gold mine,
cash costs were impacted by inflationary pressures resulting from
political and economic policies in Zimbabwe. On March 31, 2000 Mopani
Copper Mines Plc., a company owned by First Quantum Minerals and
Glencore International, acquired Zambian Consolidated Copper Mines'
(``ZCCM'') Mufulira Division and Nkana Mine, Concentrator and Cobalt
Plant. To date, the transition from ZCCM ownership to Mopani control
has been smooth with the total support of all of the Zambians involved
in the process from staff to Government. We look forward to reporting a
strong contribution from Mopani to financial results during the second
quarter.''
PRODUCTION HIGHLIGHTS
(All figures in United States dollars)
------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------
First First
Quarter Quarter
------------------------------------------------------------------------
Production Summary
------------------------------------------------------------------------
Copper Production (lbs) 5,408,616 5,122,096
Surplus Acid Production (tonnes) 11,194 16,969
Gold Production (ozs) 5,557 3,420
------------------------------------------------------------------------
Bwana Mkubwa Mine, Zambia
Copper Production
------------------------------------------------------------------------
Ore Processed (tonnes) 429,930 445,876
Copper Grade (%) 0.73 0.69
Realized Copper Price ($/lb) 0.77 0.68
Total Cost Copper ($/lb) 0.64 0.60
Cash Operating Cost Copper ($/lb) 0.45 0.42
Cash Operating Cost Copper,
less surplus acid contribution ($/lb) 0.21 0.08
------------------------------------------------------------------------
Connemara Mine, Zimbabwe
Gold Production
------------------------------------------------------------------------
Ore Processed (tonnes) 123,364 103,527
Grade (gram/tonne) 1.9 2.0
Realized Gold Price ($/oz) 291 288
Total Cost Gold ($/oz) 310 440
Cash Operating Cost Gold ($/oz) 247 296
------------------------------------------------------------------------
On Behalf of the Board of Directors 12g3-2b-82-4461
of First Quantum Minerals Ltd. Listed in Standard and Poor's
``G. Clive Newall'' Sedar Profile #00006237
G. Clive Newall
The Toronto Stock Exchange and Canadian Venture Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy of this
release.
Certain of the information contained in this news release constitute
``forward-looking statements'' within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements, including but
not limited to those with respect to the prices of gold, copper and sulphuric
acid, estimated future production, estimated costs of future production, the
Company's hedging policy and permitting time lines, involve known and unknown
risks, uncertainties, and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the actual
prices of copper, gold and sulphuric acid, the factual results of current
exploration, development and mining activities, changes in project parameters
as plans continue to be evaluated, as well as those factors disclosed in the
Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities and Exchange
Commission.
SOURCE First Quantum Minerals Ltd.
-0- 4/26/2000
/CONTACT: Geoff Chater, Bill Iversen or Keith Neumeyer, Suite 450-800
West Pender Street, Vancouver, British Columbia, Canada, V6C 2V6 Tel:
604-688-6577, Fax: 604-688-3818, Toll Free: 1-888-688-6577, E-Mail:
info@first-quantum.com
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw/
(FM.) |
