Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines
Alphamin’s tin projects are in North Kivu province, which has been wracked by conflict for three decades.
First Quantum announced a 51% increase in gross profit as the 41% higher net realized copper price more than offset the lower sales volume.
There was a 3% decrease in copper production from the Kansanshi and Guelb Moghrein mines due to maintenance-related downtime at both operations and the processing of low-grade, high acid consuming oxide ore at Kansanshi.
The production outlook is for 280,000 tonnes of copper and 190,000 ounces of gold. A reduced outlook for the year reflects lower production to date as well as lower expected sulphide ore grades in the short-term at Kansanshi, lower acid availability in Zambia and plans for continued plant enhancement works at Guelb Moghrein.
The outlook for the cost of copper in C1 is $1.25 per pound due to lower production, inflated input costs and increased waste stripping at Kansanshi as required for the planned plant expansions.
Nickel production will commence with the commissioning of the Ravensthorpe project in the second half of the year.
The company said it was making “significant” payments of taxes to the Zambia Revenue Authority.
