First Quantum Minerals – FQM’s Solwezi based Kansanshi mine and Smelter half year revenues have risen to US$876 (about US$900 million) has posted a 30% second quarter revenue growth in 2021 compared to the same period in 2020, signaling the mine reaping from surging international copper prices.
According to the interim financial statements made available to the Zambian Business Times – ZBT, the mine posted earnings of US$458 million for the quarter ended 30 June 2021 compared to US$351 for the same period last year 2020.
The mine half year results also show aggressive year on year earnings growth. Kansanshi posted half year January to June 2021 revenues of US$876 million, up from US$700 million posted for the same period in 2020.
FQM production is usually low in the first quarter from January to March but picks up for the other three quarters. With copper prices remaining buoyant on the international market, the mine is expected to further increase its revenues in the third and fourth quarters.
FQM stated that “the rain season in Zambia generally starts in November and continues through April, with the heaviest rainfall normally experienced in the months of January, February and March. As a result of the rain season, mine pit access and the ability to mine ore is lower in the first quarter of the year than other quarters and the cost of mining is higher”
Zambia’s economic recovery prospects are rising following a buoyant copper futures price projection as the country remains a major producer. Moreover, the country’s currency has posted over 5% gain in the past week alone, rebounding to be one of the best performing currencies in Africa.
