Business
First Quantum Minerals Announces 2021 Preliminary Production, 2022-2024 Guidance, Climate Change Targets and Financial Policy
TORONTO, Jan. 17, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) today announced preliminary production for
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" TORONTO, Jan. 17, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) today announced preliminary production for the three months (“Q4”) and year ended December 31, 2021, and guidance for production, capital expenditures and costs for the years 2022 to 2024. In addition, the Company has released its targets for reductions in greenhouse gas emissions (“GHG”) and a financial policy that includes a new performance-based dividend payout policy. The Company has released an updated National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) resource for the Las Cruces Underground Project. “First Quantum continues to be focussed on delivering disciplined and responsible growth, which is reflected in the strong increase in our copper and nickel production through the guidance period,” commented Philip Pascall, Chairman and CEO. “We remain committed to reducing our debt levels, whilst at the same time cautiously increasing capital returns to reflect the robust financial outlook. At First Quantum, we are committed to extracting resources responsibly and the importance that we place on sustainability is an intrinsic part of everything we do. We are pleased to have identified tangible solutions to significantly reduce our greenhouse gas emissions and to contribute to the global energy transition by delivering the critical metals required.” HIGHLIGHTS Q4 and 2021 Production: First Quantum achieved its highest ever annual copper production of 816 thousand tonnes (“kt”), a 5% increase from 2020, attributable to record production at Cobre Panama and the resilience of our other operations. Copper production in Q4 2021 was 201kt. Three-year guidance: Copper and nickel production are forecast to grow to 850-910kt and 40-50kt, respectively, by 2024. Capital cost guidance has increased to $1,250 million in 2023 and 2024 and $1,375 million in 2024, principally due to inflationary pressures. Inaugural Climate Change Report: First Quantum has set tangible targets with an identified realistic path to reduce our GHG emissions by 50% by 2030. The achievement of these targets is not expected to result in significant increases in capital expenditures or operating costs from previous forecasts. Financial Policy: With the company on track to meet the previously announced $2 billion debt ...