First Quantum raises copper production 24%

Vancouver — First Quantum Minerals (FM-T, FQM-L) produced roughly 500 million lbs. (226,693 tonnes) of copper in 2007 — 24% more than the previous year — buoyed by record fourth-quarter output of about 160 million lbs. (72,746 tonnes) of the red metal.

Roughly 72% of the company’s copper production comes from its 80%-owned Kansanshi open-pit mine in north-central Zambia, which began operations in 2005 and has a forecast 30-year mine life. The mine produced more than 360 million lbs. (163,824 tonnes) copper in the last year, as well as a significant amount of gold.

First Quantum’s 80%-owned Guelb Moghrein open-pit mine — located in Mauritania, northwest Africa — contributed more than 63 million lbs. (28,755 tonnes) copper to last year’s tally. Commercial production at the operation began in late 2006, with roughly 15 years of reserves delineated.

Near the end of its life, the Bwana Mkubwa operation, in Zambia, produced 56 million lbs. (25,402 tonnes) copper last year. Reserves will be depleted in 2008 at the Lonshi pit in the Democratic Re-public of Congo (DRC), where the high-grade oxide ore is mined and then hauled to the Bwana solvent extraction-electrowinning facility across the border in Zambia.

The company’s 95%-owned Frontier open-pit mine in the DRC began production during last year’s fourth quarter. The operation chipped in just 19 million lbs. (8,712 tonnes) copper last year, but is projected to produce about 185 million lbs. (84,000 tonnes) of the metal for 2008 and has enough ore to last until 2026.

For 2008, the company expects further growth in production, to around 310,000 tonnes of copper.