First Quantum Minerals copper output up 15% on Kansanshi expansion
Overview
- First Quantum reports Q3 adjusted EPS miss, with a net loss of $48 million.
- Company’s Kansanshi S3 Expansion boosts copper production by 15% from Q2 2025.
- First Quantum secures $1 billion gold stream deal with Royal Gold to enhance liquidity.
Outlook
- First Quantum narrows 2025 copper production guidance to 390,000 – 410,000 tonnes.
- Company reduces 2025 capital expenditure guidance to $1.15 – $1.25 billion.
- First Quantum lowers 2025 nickel C1 cash cost guidance to $4.75 – $5.50 per lb.
Result drivers
- Kansanshi S3 expansion – Contributed to a 15% increase in copper production from Q2 2025 due to increased mill throughput and circuit stabilization.
- Gold stream deal – Secured $1 billion gold stream arrangement with Royal Gold to enhance liquidity.
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q3 Adjusted EPS | Miss | -$0.02 | $0.07 (13 Analysts) |
| Q3 EPS | -$0.06 |
Analyst coverage
- The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 14 “strong buy” or “buy”, 9 “hold” and no “sell” or “strong sell”.
- The average consensus recommendation for the specialty mining & metals peer group is “buy”.
- Wall Street’s median 12-month price target for First Quantum Minerals is C$34.50, about 11.7% above its October 27 closing price of C$30.48.
- The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 59 three months ago.
Link to press release
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
Chile’s ENAMI wins environmental permit for new $1.7B copper smelter
Chile’s state-run mining company ENAMI said on Wednesday it received an environmental permit for a new $1.7 billion copper smelter, as part of the modernization of its Hernan Videla Lira smelting facility in the northern Atacama region.
The new facility will process up to 850,000 metric tons of copper concentrate per year and its electrolytic refinery will produce up to 240,000 tons of copper cathodes – used in electronics, construction and renewable vehicles.
ENAMI said in a statement that the modernized facility in Paipote would “ensure profitable and sustainable operations, and practically triple the capacity of the old smelter.”
The company’s vice president Ivan Mlynarz told Reuters earlier this month that copper consumers’ interest in expanding their supply chain could help them secure funding for the project.
(By Fabian Cambero, Brendan O’Boyle and Sarah Morland; Editing by Natalia Siniawski)
Southern Copper says Tia Maria project in Peru is 23% complete
Southern Copper, one of Peru’s largest copper producers, said on Tuesday that its $1.8 billion Tia Maria mine project is 23% complete, and maintained its 2027 target start date for production.
The project is expected to produce 120,000 metric tonnes of copper cathodes per year, the company said in its third-quarter results report.
Southern Copper is also working on other mainly copper projects in Peru at exploration or basic engineering stages, with planned investments exceeding $10.3 billion over the next decade, including the Los Chancas and Michiquillay copper projects.
“With the support and assistance of the Peruvian authorities, the company is moving forward to secure the required administrative permits and licenses prior to investment,” Southern Copper said.
Southern Copper, which is controlled by Grupo Mexico, operates the Toquepala and Cuajone copper mines and the Ilo refinery in southern Peru. In Mexico, it operates the Caridad and Buenaventura mines and is developing the El Arco and Pilar copper projects.
(By Marco Aquino; Editing by Brendan O’Boyle and Edmund Klamann)
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