Anglo to face investors with wary eye on BHP’s potential return
Investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the miner's strategy.
First Quantum Minerals (TSX: FM) has begun commercial production at its Enterprise mine, set to become Africa’s biggest nickel operation, helping Zambia get closer to its goal of turning into a key supplier of battery metals.
The Canadian miner said that building and commissioning the project, which is 12 km from the company’s Sentinel copper mine, took slightly over two years.
Commercial production was declared on June 1, with Enterprise producing 6,147 tonnes of nickel during the three months to the end of June. The figure represents an almost 53% increase from the 4,031 tonnes of nickel produced in the first quarter of the year.
Commercial production at Enterprise was declared on June 1, with the mine generating 6,147 tonnes of nickel during the three months to the end of June.
Production guidance for 2024 has been narrowed to 17,000 to 20,000 tonnes of nickel, from the previously estimated 10,000 to 20,000 tonnes, as a result of strong year-to-date production, First Quantum said in its earnings report.
“We had another solid quarter in Zambia and with the work achieved to date, both Kansanshi and Sentinel are set up well for the remainder of the year,” chief executive officer Tristan Pascall said in the statement.
“At Enterprise, the continued successful commissioning and ramp up has enabled the declaration of commercial production, while the S3 Expansion [at Kansanshi copper mine] is progressing well and on track for completion in mid-2025,” Pascall noted.
Once at full tilt, the mine in Zambia’s North-Western Province will be a top-ten global nickel producer, churning out about 30,000 tonnes of the metal a year in concentrate, and employing more than 900 full-time staff, First Quantum said.
Comments