First Quantum Minerals

First Quantum Minerals is a Canadian-based mining and metals company[3] whose principal activities include mineral exploration, development and mining. Its main product is copper, which accounts for 80% of revenues as of 2016.[4]

First Quantum's common shares are listed for trading on the Toronto Stock Exchange in Canada (symbol "FM"). Until 2016, First Quantum also maintained a secondary listing on the London Stock Exchange (symbol "FQM"), in the United Kingdom.[5]

History

First Quantum was founded in 1983 under the name Xenium Resources. It changed its name to Zeal Capital in 1989, First Quantum Ventures in 1993, and First Quantum Minerals in 1996.[6]

Panama

In January 2022, negotiations between the Government of Panama and FQM started to define a new contract concerning the Cobre mine, Panama.[18] First Quantum's subsidiary Minera Panamá S. A. made proposals to the Government of Panamá including yearly payments of US$375 million in tax and royalty revenue. These payments were offered under the condition that metal prices and profitability of this mine would not drop significantly. However, the Government of Panamá halted discussions in December 2022 and announced plans to order the suspension of operations at this mine.[19] In February 2023, the Cobre Panama mine suspended ore processing operations after copper concentrate loading operations at Port Rincón were halted due to a resolution issued by the Panamá Maritime Authority. Ship loading and ore processing resumed on 8 March 2023.[20] The congress of Panamá approved the revised contract concerning the Cobre Panama mine as Bill 1100 in October 2023, which was signed by the President of Panamá as Law 406.[21][22] Protests led to a moratorium on metallic mining throughout the country, "for an indefinite term", excluding already approved concessions, through Bill 1110, which was approved with 59 votes by the National Assembly (AN), on 3 November 2023. However, the constitutionality of the already approved new concession between the Government of Panana and Minera Panamá S. A. was questioned, leading to more uncertainty.[23][24] These concessions have led to massive protests in many places of the country that are still ongoing, with the protesters accusing the government of corruption and accepting bribes in order to give overly favorable conditions to the company.[25][26][27]

FQM reported that its subsidiary MPSA made a tax and royalty payment on 16 November 2023 of $567 million for the period from December 2021 to October 2023. This payment is one of the largest ever tax and royalty payments in the history of the global copper mining sector and is the largest fiscal payment ever made in Panama. However, an illegal blockade of small boats at the Punta Rincón port continues to prevent the delivery of supplies that are necessary to operate the power plant of the Cobre Panama mine. This blockade forced the mine to temporarily halt production as of 23 November 2023.[24]

On 28 November 2023, the Plenary Session of the Supreme Court of Justice declared that Law 406 20 October 2023, which approves the mining concession contract entered into between the State and Sociedad Minera Panamá, S.A. is unconstitutional, a ruling issued unanimously.[28][29] Panama president said the Minera Panamá copper mine would be closed, hours after the country's Supreme Court declared its contract unconstitutional.[30]

Democratic Republic of the Congo

The Kolwezi tailings project was a major project to extract copper and cobalt from the tailings of older mining operations around Kolwezi. It was expected to produce around 70,000 tonnes per year of copper metal and up to 14,000 tonnes per year of cobalt hydroxide.[31] In August 2009, the DRC government revoked First Quantum's license due to a dispute over renegotiating the contract.[32] First Quantum ceased operations in September 2009, putting 700 people out of work.[33] First Quantum had spent $750 million on acquiring and developing the property. First Quantum took out an action against the DRC government in the International Chamber of Commerce International Court of Arbitration.[34]

The Frontier Mine is an open pit copper mine located near Sakania. First Quantum obtained exploration licenses in January 2001 and July 2002. Production began in 2007, and in 2010 the mine yielded 322,700 tonnes of copper.[35]

Operations

First Quantum currently operates mines and development projects in Africa, Australia, Finland, Spain, Turkey and Latin America.[39] In 2022 First Quantum produced 775,859 tonnes of copper, 21,529 tonnes contained tonnes of nickel, 283,226 ounces of gold. Copper was responsible for 86% of revenues, gold 5% and nickel 6%.[40] As of December 2022, First Quantum operates seven mines.

Operating Mines

Kansanshi mine, near Solwezi in Zambia. Main product copper, by-product gold. Open-pit mine, opened in 2005[41]
Guelb Mohgrein Mine, near Akjoujt, Mauritania. Main product copper, by-product gold. Open pit mine, opened 2006
Sentinel Mine, a copper mine in north-west Zambia opened to commercial production in 2016. The name was changed in 2024 to FQM Trident mine.
Çayeli mine, a copper/zinc mine in eastern Turkey. This mine was acquired through the take-over of Inmet Mining Corporation, and started production in 1994
Las Cruces mine, a copper mine in Sevilla Province, Spain, acquired through the take-over of Inmet Mining Corporation
Pyhäsalmi mine, a copper/zinc mine in central Finland, acquired through the take-over of Inmet Mining Corporation
Cobre mine, Panama, a copper mine in Panama acquired through Inmet Mining Corporation, which started commercial production in 2019.[42]
Ravensthorpe Nickel Mine, a nickel mine in Western Australia, opened in December 2011, mothballed in 2017. Brought into production again in 2020.

Other Investments/Projects

Partial interest in Mopani Copper Mines, Zambia
Fishtie copper project in Central Province, Zambia. At the end of September 2012, First Quantum Minerals announced that it had entered into a joint venture with a Zambian-based mining company called Mimosa Resources. The purpose of the venture is to develop the Fishtie copper project in the Mkushi District near the border with the Democratic Republic of Congo.[43]
Taca Taca, a copper project in the Puna de Atacama region in Salta Province, Argentina, acquired through the purchase of Lumina Copper in 2014
A copper project in Panama, Cocle and Colon, which has led to multiple protests[44] in the country in 2023
Haquira mine, a copper deposit in the Apurímac Region in southern Peru acquired through the purchase of Antares Minerals in 2010

Former/Mothballed Mines

Bwana Mkubwa in Copperbelt Province, Zambia, a copper SX/EW plant and mine.[45] This mine was closed in 2010.[46]
Kevitsa mine, Sodankylä, Finland. Main products are nickel and copper, by product PGE elements. Open pit mine opened in August 2012, and sold in June 2016 to Boliden AB.
Troilus Gold-Copper Mine, closed in 2008 by Inmet, located in northern Quebec, Canada
Winston Lake zinc-copper mine, near Winston Lake, Thunder Bay District, Ontario, Canada. This mine was closed in 1998 by Inmet.[47]
Sturgeon Lake

type	Public
traded as	tsx: FM S&P/TSX 60 component
former name	First Quantum Ventures Zeal Capital Xenium Resources
foundation	1983
location	Toronto, Ontario, Canada‡R1R‡
key people	Robert Harding (Chairman)‡R2R‡ Tristan Pascall (CEO)
num employees	20,000 (2021)
industry	Mining
products	Copper
homepage	https://www.first-quantum.com/