Zambia’s Kansanshi S3 Expansion project will mark "an inflection point" for Canada's First Quantum Minerals, enhancing the company's financial resilience and support continued growth, CEO Tristan Pascall has said.

Reporting on the group's fourth-quarter results, Pascall reported that expansion is on track for completion by mid-2025, with significant progress made in key construction and commissioning areas. 

By the end of 2024, construction of the process plant had reached 62% completion, with early commissioning work already under way. System configuration of the plant control system was 80% complete, focusing on the cleaner and reagent circuits, as well as functional testing of service areas. 

Operational readiness also stood at 62%, with personnel undergoing training on the process simulator.

First Quantum is forecasting production of between 380 000 t and 440 000 t in 2025, increasing to a range of 390 000 t to 450 000 t in 2026, and further rising to between 430 000 t and 490 000 t in 2027.

Last year, the company's copper production, excluding Cobre Panamá, reached 431 000 t, marking a 14% increase from the previous year. Zambian production rose 15% to 402 000 t, reflecting disciplined mining practices and improved grades at both Kansanshi and Sentinel.

The Kansanshi expansion is expected to drive a significant portion of the company’s production growth over the next three years. The mine is projected to produce between 160 000 t and 190 000 t in 2024, with output set to increase to a range of 210 000 t to 240 000 t in 2027.

Meanwhile, expansion efforts at the Kansanshi smelter are progressing. The new waste heat boiler condenser and fifth train of wet electrostatic precipitators were successfully commissioned, while installation of the high-pressure oxygen compressor has been completed, with commissioning under way. All major oxygen plant equipment is on-site, and installation is advancing. Acid Plant 5’s civil works are complete, with structural, mechanical, and piping installations ongoing.

Commenting on the power supply challenges of Zambia, Pascall said that First Quantum has secured supplementary power from Southern Africa to maintain uninterrupted operations, including the start-up of the Kansanshi S3 Expansion.

BOARD LEADERSHIP TRANSITION
Meanwhile, First Quantum has also announced a leadership transition at the board level. Robert Harding, who has served as lead independent director for over a decade and as chairperson of the board for the past two years, will retire following the company’s AGM on May 8.

Kevin McArthur, a director since 2021, will succeed Harding as chairperson.

“It has been a privilege to serve on First Quantum’s board for the past 12 years and witness the company’s transformation,” said Harding. 

“This announcement reflects the board’s ongoing commitment to renewal, ensuring a strong mix of experience and fresh insight over time. Having worked closely with Kevin, I am pleased with the board’s decision to appoint him as the next chairperson. His deep industry knowledge and leadership experience make him well suited for the role, and I have full confidence in him and the board to guide the company’s future.”

Pascall acknowledged Harding’s role in the company’s evolution. "I wish to personally thank Bob for his guidance, support, and impact both as a board member and, in particular, during the last two years as chair during a period of challenge and change at First Quantum. I am looking forward to working with Kevin in a much closer capacity in his new role, and I know the company will be well served by his leadership of the board. It is very healthy that we continue the ongoing board succession process to position the company for its strategic objectives for 2025 and the coming years of disciplined growth.”