Copper · Senior · Producer · South America · Africa · Australia
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
First Quantum Total Group
Portfolio · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated portfolio totals for First Quantum Minerals across all operating, P&SM, C&M and development projects. In 2025 the Group produced 395,772 t Cu, 151,513 oz Au, 23,184 t Ni and 2,078 t Zn; generated revenue of US$5,237M and EBITDA of US$1,676M. As at December 31, 2025 the Company had consolidated proven and probable mineral reserves of 25.82 Mt of contained copper and 1.27 Mt of contained nickel.
Portfolio Aggregate
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Operating · 5 projects
Kansanshi
Asset · Operating · Ownership 80%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Combined Main, NW and SE Dome open-pit copper-gold operation located approximately 10 km north of Solwezi, Zambia, with an associated copper smelter. Property covers approximately 24,865 ha; stratabound sediment-hosted Cu-Au mineralisation in the Central African Copperbelt. S3 Expansion commissioned during 2025 increasing sulphide processing capacity. 80%/20% joint operation with ZCCM-IH. Source for 45% of 2025 Company revenue (US$2,375M). LOM sustaining cost provision US$2,319.6M; closure US$128.2M. Updated technical report effective December 31, 2023 (filed July 2024).
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Enterprise
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit hydrothermal nickel deposit forming the second producing asset of the Trident Project, located approximately 12 km from Sentinel. Mineralisation hosted in shale and talc-rich siltstone with a broad sulphide assemblage (vaesite, pentlandite, millerite). First nickel concentrate produced Q2 2023; commercial production declared June 1, 2024. Plant infrastructure shared with Sentinel. 2025 production of 23,184 t Ni at 0.86 % grade. Trident Technical Report effective March 30, 2020.
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Sentinel
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sentinel open-pit copper operation forms part of the Trident Project in the Kalumbila district of Zambia, approximately 150 km west of Solwezi. Five large-scale mining licences run to April 2036 plus a new licence valid to August 2049. Surface rights area of 383.36 sq km granted to FQM Trident; Trident title deeds issued September 2025. 2025 ore processed 55.75Mt at 0.39%Cu. Generated US$2,089M revenue in 2025 (Trident division total). Trident Technical Report effective March 30, 2020.
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Guelb Moghrein
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit copper-gold operation in Mauritania, 100 %-owned. Non-material producing asset. No mineral reserves currently disclosed (resources only).
Mining metrics
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Çayeli
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Çayeli underground volcanogenic massive sulphide (VMS) copper-zinc-gold mine in north-eastern Türkiye, 100 %-owned. Non-material producing asset.
Mining metrics
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Development · 1 project
Taca Taca
Asset · Feasibility
Project information
As at 30 October 2020
Description
As at 30 October 2020
Large-scale copper-gold-molybdenum porphyry project in Salta Province, north-western Argentina. 100 % FQM-owned. Mineral Resource and Mineral Reserve estimates effective October 30, 2020. Proven & Probable reserves of 1.76 Bt @ 0.44 % Cu + 0.09 g/t Au + 0.012 % Mo. Designated by Argentina under the RIGI investment regime (large-investment incentive scheme). Most material development project in FQM's pipeline.
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
Multiple effective dates
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Exploration · 2 projects
Haquira
Asset · Exploration
Project information
As at 31 December 2025
Description
As at 31 December 2025
Haquira copper-gold porphyry exploration / development project in southern Peru. 100 %-owned. No mineral reserves; resources only.
Mining metrics
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
La Granja
Asset · Exploration
Project information
As at 31 December 2025
Description
As at 31 December 2025
Large copper porphyry exploration project in northern Peru. Significant inferred resource base. 100 %-owned. No mineral reserves; resources only.
Mining metrics
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Suspended · 3 projects
Cobre Panamá
Asset · Suspended · Ownership 91.02%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Large open-pit copper-gold-silver-molybdenum porphyry complex 120 km west of Panama City. Multi-pit operation (Botija, Colina, Medio, Valle Grande, Balboa, Botija Abajo, Brazo). Held 91.02 % by First Quantum through MPSA. Commercial production suspended November 2023 following Panama Supreme Court ruling. Mine has been on Preservation & Safe Management (P&SM) since; the Government of Panama approved the P&SM programme in May 2025. ICC arbitration initiated November 2023. In 2025 the Company received approval to export 121,000 dmt of pre-existing concentrate; US$30M royalty paid in Q4 2025. P&SM cost averaging US$15M/month in 2025; 2025 revenue US$328M from stockpile concentrate sale.
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Ravensthorpe
Asset · Suspended · Ownership 75.7%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Ravensthorpe Nickel Operation (RNO) — lateritic nickel-cobalt open-pit operation 550 km south-east of Perth, Western Australia. Owned 75.7 % by First Quantum and 24.3 % by POSCO via FQMAN. Mining licences cover ~338 sq km. Operations placed on care & maintenance (C&M) in 2024 due to weak nickel prices and high operating costs. Hale-Bopp, Halleys, Shoemaker-Levy and Nindilbillup are the principal deposits (Bandalup Ultramafics).
Mining metrics
Multiple effective dates · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Las Cruces
Asset · Suspended
Project information
As at 31 December 2025
Description
As at 31 December 2025
Las Cruces (CLC) open-pit copper operation in Andalusia, Spain. On December 23, 2025 the Company announced a binding agreement to sell Cobre Las Cruces S.A.U. for consideration of up to US$190M (pending sale not yet closed). No current mineral reserves disclosed; resource statement retained pending divestiture close.
Mining metrics
As at 31 December 2025 · exclusive
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reclamation · 1 project
Pyhäsalmi
Asset · Reclamation
Project information
Description
Pyhäsalmi underground copper-zinc-pyrite VMS mine in Finland — exhausted; reported with no current Mineral Resource or Mineral Reserve. Site in closure / reclamation phase.
Mining metrics
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
How to read this tab
- The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Base metals
- Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
- C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
- TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
- Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Copper
Zinc
Nickel
Cobalt
Molybdenum
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
Commodity guides
Copyright © 2026, Metal Pilot
We use strictly necessary cookies for authentication and site functionality. Optional analytics (Google Analytics) load only after you accept; we do not use advertising, remarketing, or Google Signals. We honour Global Privacy Control (GPC) and other recognised opt-out signals by keeping analytics off for that browser.