TORONTO, March 29, 2019 /PRNewswire/ - First
Quantum Minerals Ltd. ("First Quantum" or "the Company")
(TSX:FM) today filed an updated technical report for its Cobre
Panama project in Panama dated
December 31, 2018. The technical
report incorporates updates with respect to ramp-up and
commissioning of the current operation and provides detail on the
expansion of the project from 85 million tonnes per year ("Mtpa")
to 100 Mtpa starting in 2023. The technical report also includes an
updated production schedule and Mineral Resource and Reserve tables
that reflect the inclusion of grade control drill hole data.
The inclusion of new data has improved geological confidence for
the Botija pit, but represents no overall material change to the
Mineral Resources and Reserves previously disclosed.
The expanded throughput to 100 Mtpa involves the earlier
development of the adjacent Colina pit, the addition of a
9th mill, an expanded mining equipment fleet, additional
conveyors, an in-pit crusher and other infrastructure related to
Colina access. The total cost of the 100 Mtpa expansion
project is estimated to be approximately $327 million and is expected to increase average
production levels to over 375,000 tonnes of contained copper per
year after year 5, when the processing will be at the 100 Mtpa
throughput rate. This expansion significantly improves the
overall project economics.
The technical report has been prepared pursuant to Canadian
Securities Administrator's National Instrument 43-101, and may be
found through the Company's website or under the Company's profile
at www.sedar.com.
On March 29, 2019, the Company
concurrently filed its Annual Information Form ("AIF") in
Canada under the Company's profile
on SEDAR at www.sedar.com which can also be found on the Company's
website – www.first-quantum.com.
On Behalf of the Board of Directors of First Quantum Minerals
Ltd.
G. Clive
Newall
President
For further information visit our website at
www.first-quantum.com
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SOURCE First Quantum Minerals Ltd.
