- First Quantum Minerals (OTCPK:FQVLF +1.8%) says it is delaying plans to sell a stake in its Zambian copper mines, citing rising costs from higher Zambian royalty rates.
- The company also says it has seen "limited progress” on talks with the Zambian government for terms which would pave the way for an expansion of ore processing at Kansanshi ahead of national elections.
- China's Jiangxi Copper had been considered a potential suitor for minority interests in First Quantum's Kansanshi and Sentinel mines.
- First Quantum says Q2 total copper production rose 18% Y/Y to 199,689 metric tons due to near-record production at Cobre Panama of nearly 81,686 tons, 276% higher than the same period in 2020.
- Q2 total gold production jumped 49% Y/Y to 81.375 oz., due to record production at Cobre Panama of 36,290 oz. and consistent delivery from Kansanshi of 32,942 oz.
- Q2 nickel production at Ravensthorpe totaled 4,543 tons; the company said in May that it would sell a 30% equity interest in Ravensthorpe to Posco for $240M.