First Quantum Minerals Limited has posted a total of 192,510 metric tonnes in copper production during the third quarter of 2019, partly boosted by increased volumes at Cobre Panama, its Panama-based mining unit.

And the Canadian miner has recorded increased revenues of around US $9 million in the third quarter of this year, posting returns of US $987 million in the period under review.

Announcing its 2019 third quarter results for the period ending September 30, 2019, FQM stated that copper production hit 192,510 metric tonnes, partly buoyed by strong output from its Panama-based Cobre Panama mine.

Cobre Panama is a large open-pit copper development project in Panama, whose concession is located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea coast, in the district of Donoso, Colon Province, in the Republic of Panama.

The concession consists of four zones totalling 13,600 hectares.

“Total copper production of 192,510 tonnes, a 27 per cent increase from the third quarter of 2018, including 56,221 tonnes of copper production from Cobre Panama of which 19,438 tonnes were deemed commercial. Cobre Panama Progress – production ramp-up continued ahead of expectation allowing for commercial production to be declared one month ahead of expectation. Daily process plant throughput during the ramp-up has regularly averaged or exceeded 200,000 tonnes per day, with a peak of 220,000 tonnes per day achieved,” a statement read.

And FQM posted increased revenues of around US $9 million in the third quarter of this year, posting returns of US $987 million compared to US $978 million in the corresponding period last year.

“Sales revenues rose US $9 million to US $987 million compared to the third quarter of 2018. The increase was driven by an 8 per cent increase in commercial copper sales volumes offset by a lower realized copper price. Sales revenues resulted from 161,402 tonnes of copper and 55,632 ounces of gold sold in the period,” read the statement

FQM is also the majority owner of Solwezi-based Kansanshi Mining Plc, Africa’s largest copper producer, and the Sentinel Copper Mine in Kalumbila in North-Western Province.