Global copper company, First Quantum Minerals Ltd. has reported a solid uptick in operational performance, with copper production rising to 104,626 tonnes in the third quarter of 2025 — up 15 per cent from the second quarter, driven by growth at its Kansanshi and Sentinel operations.
The results accompany improved operational performance—copper production rose to 104,626 tonnes, up 15 per cent from the second quarter of 2025, thanks to growth at the Kansanshi and Sentinel operations.
Operational and financial snapshot
In Q3 2025, First Quantum has also reported gross profit of US$360 million and EBITDA of US$435 million, each increasing over Q2 driven by higher copper sales volumes from the sale of 24,306 tonnes of copper from its Cobre Panamá operation and stronger realised metal prices. Net debt dropped by US$702 million during the quarter to US$4,751 million.
The company’s cash flows from operating activities totalled US$1,195 million — up US$415 million from Q2 — primarily due to a US$1,000 million upfront payment under a gold-streaming agreement with Royal Gold, Inc..
Despite this operational momentum, the company reported a net loss attributable to shareholders of US$48 million (a loss of US$0.06 per share), and an adjusted loss of US$16 million (US$0.02 per share).
Mine-by-mine details
At its Zambian Kansanshi mine, production reached 46,881 tonnes in the quarter — up 6,778 tonnes from the previous quarter. This improvement is attributed to mill throughput increases following the commissioning of the Kansanshi S3 Expansion project which produced first concentrate in August. Meanwhile, its Sentinel operation produced 51,336 tonnes of copper in Q3 — a 14 per cent increase over Q2, supported by higher mill throughput and improved ore fragmentation and crusher performance.
The company also reports that its overall copper C1 cash cost improved, coming in at US$1.95 per lb — down US$0.05 per lb quarter-over-quarter, reflecting higher production volumes.
Strategic and capital highlights
First Quantum emphasised that during the quarter “we made meaningful progress on our priorities for 2025. We continued to proactively strengthen our balance sheet and manage our liquidity with the agreement of a US$1 billion non-debt gold stream arrangement with Royal Gold. In addition, we undertook a series of bond transactions to extend our debt profile, with our earliest bond maturity now occurring in 2029.” said Tristan Pascall, Chief Executive Officer of First Quantum.
Regarding Panama, he added: “In Panama, the remaining concentrate shipments were completed safely and without incident during the quarter. The Government of Panama is advancing the environmental study. We continue our work on Preservation and Safe Management of Cobre Panamá and expect to restart the power plant in the fourth quarter. Our focus remains on reaching a constructive resolution for the mine that serves the best interests of our stakeholders, the government, and the people of Panama.”
On guidance, the company narrowed its full-year 2025 copper production guidance to 390,000–410,000 tonnes (from 380,000–440,000), gold production guidance to 140,000–150,000 ounces (from 135,000–155,000), and nickel to 18,000–23,000 tonnes (from 15,000–25,000). Capital expenditure guidance has also been reduced to US$1,150–1,250 million from US$1,300–1,450 million.
Outlook and commentary
The results suggest that First Quantum is gaining traction operationally, particularly at its Zambian assets, and making strategic moves to bolster liquidity and balance-sheet strength. The narrowing of guidance signals confidence in hitting the upper end of its production range, while the reduction in capital expenditure reflects discipline in spending. The loss recorded, while notable, comes alongside significant free cash flow and debt reduction, which may help assuage investor concerns.
With the ramp-up of the Kansanshi S3 expansion underway and improved performance at Sentinel, the company is positioned to build momentum heading into the fourth quarter. In particular, the anticipated restart of the Cobre Panamá power plant provides further upside. If execution remains on track, First Quantum may well be setting the stage for a stronger full-year finish.
The post First Quantum posts stronger copper output in Q3 2025 as Kansanshi and Sentinel drive growth first appeared on FMDRCZ.
on 30 October 2025
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