Canada-headquartered First Quantum Minerals has revised its 2025 and 2026 copper production guidance, citing a conservative ramp-up of its Kansanshi S3 Expansion project and adjusted mining schedules at its Sentinel operation in Zambia.

The miner now expects copper production of between 380 000 t and 440 000 t in 2025, down from its previous forecast of 400 000 t to 460 000 t. For 2026, production is projected to increase to between 390 000 t and 450 000 t, before climbing to 430 000 t to 490 000 t in 2027.

In 2024, First Quantum produced 431 000 t of copper, a 54 000 t increase compared with 2023. The higher output was driven by improved grades and recoveries at Kansanshi, as well as higher grades and throughput at Sentinel.

The company’s three-year production trajectory reflects progress on the Kansanshi S3 Expansion, which reached 62% construction completion in 2024. The project remains on schedule to achieve first production in the second half of 2025.

Initially, S3 will process low-grade stockpiles, with production ramping up in 2027 as higher-grade ore from the South East Dome deposit becomes available.

At Sentinel, 2025 and 2026 production forecasts have been revised downward to account for accelerated mining in Stages 3 and 4, where ore has a higher proportion of oxidised and transitional material with lower grades. First Quantum has said that these adjustments, alongside increased waste stripping, will ensure a sustainable supply of higher-grade ore in the longer term.

In addition to its copper operations, First Quantum reported gold production of 139 000 oz for 2024, an improvement over the prior year, driven by better grades at Kansanshi. Nickel output, however, fell by 2 000 t to 24 000 t owing to the Ravensthorpe mine in Australia being placed on care and maintenance in May. This decline was offset by production at the Enterprise mine in Zambia, which achieved commercial production in June.

“It is encouraging to see our Zambian operations delivering strong results in 2024, supported by our focus on operational excellence across copper, gold and nickel production. The S3 Expansion remains on track for completion in mid-2025, representing an inflection point that will enhance the company’s financial resilience and support sustainable growth," said CEO Tristan Pascall.

Going into 2025, he said First Quantum's priorities were centered on building balance sheet strength and advancing key initiatives, including managing Zambian power challenges and assessing the potential benefits of a minority stake sale in Zambia.

In addition, the company would continue to work with the Panama government towards a resolution for the Cobre Panamá mine, which remained in a state of preservation with production halted.