(In United States dollars, except where noted otherwise)
TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) today reported for the three months ended December 31, 2019 (“Q4”) comparative earnings1 of $35 million ($0.05 per share1), net loss attributable to shareholders of the Company1 of $115 million ($0.17 loss per share1) and cash flows from operating activities of $400 million ($0.58 per share1).

For the full year 2019, the Company reports comparative earnings1 of $249 million ($0.36 per share1), net loss attributable to shareholders of the Company1 of $57 million ($0.08 loss per share1) and cash flows from operating activities of $889 million ($1.29 per share1).

CEO’S COMMENTS

“2019 saw the Company achieve record production in Q4 and for the year overall. We are now well on our way to our goal of producing more than 800,000 tonnes of copper a year, expanding our geographies, making us one of the largest global copper producers with a highly competitive cost base,“ said Philip Pascall, Chairman and CEO. “This outcome was only possible due to the highly successful commissioning of Cobre Panama, an enormous project by any standard, which was completed in the year.”

“All our mines are operating well and in 2020 I look forward to the continued ramp up of Cobre Panama as well as bringing Ravensthorpe back into production. With the milestones of 2019 successfully behind us our focus for the year ahead will be on reducing debt to enable us to plan for our future development,” he concluded.

FOURTH QUARTER AND FULL YEAR 2019 SUMMARY:
• Operational Highlights: ?Commercial production was achieved at Cobre Panama on September 1, less than seven months from first ore being introduced to the milling circuit. ?Total production at Cobre Panama for the year was 147,480 tonnes of copper of which 79,776 tonnes were commercial.

.Record total copper production in Q4 of 204,270 tonnes produced and the full year 2019 record total copper production of 702,148 tonnes2, an increase of 16% from 2018.
.Q4 cost of copper production3: All-in sustaining cost (“AISC”) of $1.73 per lb, cash cost (“C1”) of $1.24 per lb and total cost (“C3”) of $2.07 per lb. ?C1 copper costs at Cobre Panama for Q4 improved to $1.28 per lb; AISC of $1.85 per lb and C3 costs of $2.12 per lb in the first full quarter of commercial production.

.2019 full year cost of copper production3: AISC of $1.78 per lb, C1 of $1.31 per lb and C3 of $2.16 per lb.
.Gold production of 77,789 ounces in Q4 and 256,913 ounces for the full year including 60,074 ounces produced at Cobre Panama. 2019 total gold production increased 39% from 2018.

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