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Zambia: Sentinel Mine’s first quarter production up by 3%

Production at First Quantum Minerals’ Sentinel Mine for the first quarter of 2021 was broadly in line with the company’s expectations, with production increasing by 3% year-on-year, according to the company’s latest results announcement to shareholders.Innovation helped ensure robust management of costs, reducing the unit cost of production, but savings were outweighed by a dramatic rise in mineral royalty tax as a result of high world copper prices that pushed the country’s largest taxpayers to the highest level of the tiered tax system.The 58,252 tonnes of production during the quarter at Sentinel in Kalumbila was despite repair work on the mine’s ball mill limiting throughput, and heavy rainfall recorded in North Western Province.Sentinel’s total production amounted to 28.4 percent of the mining company’s global production of 205,064, while the mining unit’s total copper sales volume increased by 45 percent.“Sentinel Mine delivered in line with the company’s overall plan despite the heavy rains experienced in the quarter. With our continued low costs and the strong copper price, we generated significant cash flow,” said FQM Country Manager General Kingsley Chinkuli.The continued increase in copper production at Sentinel is a direct result of First Quantum’s investments into its operations, said Gen. Chinkuli. The investments have led to a significant reduction in the unit cost of production.“In our operations, we aim to be efficient while also living up to the expectations of all our stakeholders,” he said.

Source: Further Africa

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