By JAMES KUNDA –
FIRST Quantum Minerals (FQM) has reported lower copper output from its Zambian unit at Kansanshi in Solwezi due to reduced ore processed and lower oxide ore grade.
According to the interim consolidated financial statements for the third quarter ended September 30, 2014, copper production at Kansanshi has slumped to 63, 518 tonnes compared to 71, 037 tonnes in the same period of 2013.
“Quarterly copper production for the third quarter of 2014 was lower than the third quarter of 2013 mainly due to reduced sulphide ore processed through the lower capacity mills and lower oxide ore grade”.
FQM chairperson and chief executive officer Phillip Pascall said quarterly gold production in the period under review was also lower than the third quarter of 2013 due to lower head grades in both the processed ore and stockpiled gravity tailings treated through the regrind circuit.
He said gold production stood at 36,232 ounces in the third quarter of 2014 compared to 43,904 ounces in the third quarter of 2013.