First Quantum Minerals Ltd.

First Quantum Minerals Ltd. is a senior copper producer headquartered in Toronto, Canada, operating primarily in Africa. The company's portfolio consists of 11 projects, comprising 5 operating mines, 3 development, and 3 suspended projects. Key assets include Kansanshi, Sentinel, Cobre Panamá, and Taca Taca. The company's business model is centered on an integrated approach to mining, encompassing mineral exploration, engineering, construction, development, and operations. It has demonstrated capabilities in producing a range of intermediate and finished metal products, including concentrates, anodes, and cathodes, through diverse and complex processing circuits. These circuits utilize various technologies such as conventional flotation, leaching, solvent extraction and electrowinning (SX/EW), and smelting. A key operational characteristic is the strategic use of shared infrastructure and tailings facilities between certain assets to realize significant cost-saving opportunities and operational synergies. The organization has grown through a combination of exploring and developing its own projects as well as acquiring companies with interests in mining activities. This dual approach allows for both organic growth and strategic expansion, positioning the company to manage a portfolio of assets at different stages of the mining lifecycle, from greenfield exploration to mature operations.

Strategic priorities center on strengthening the balance sheet and ensuring financial flexibility, as demonstrated by a comprehensive refinancing package completed in 2024 that extended debt maturities and increased liquidity. Growth is pursued through a disciplined, dual-pronged approach focusing on both brownfield expansions at existing operations and the advancement of large-scale greenfield development projects. A key initiative involves a major plant expansion to increase sulphide ore processing throughput by 25 million tonnes per annum, scheduled for completion in mid-2025. The company also advances its portfolio by progressing feasibility studies and development for its greenfield assets. Portfolio optimization is an active component of the strategy, including the pursuit of divesting certain non-core assets to align with debt reduction objectives. In 2024, the enterprise formalized a strategic relationship with a major industry partner through a Shareholder Rights Agreement to support the sharing of best practices, particularly in smelting and refining.

The board of directors is composed of 11 members, with oversight structured through 5 key committees: Audit; Human Resources; Nominating and Governance; Environmental, Health, Safety & CSR; and a technical committee. Recent leadership transitions include the appointment of a new Chief Executive Officer in 2022, followed by a new Chief Financial Officer and Chief Operating Officer the same year. A planned transition for the Chair of the Board is set for 2025, ensuring structured succession. The Audit Committee consists of 4 independent, financially literate directors, with its Chair holding a Chartered Accountant qualification, underscoring a strong focus on financial oversight. Governance is further reinforced by a 2024 Shareholder Rights Agreement with a major shareholder, which formalizes the relationship and provides structure for collaboration. The board and executive team possess extensive experience in emerging markets, with directors conducting regular site visits to maintain direct operational oversight.

The organization has established specific climate action targets, aiming to reduce absolute Scope 1 and 2 greenhouse gas emissions by 30% by 2025 and 50% by 2030, supported by an annual TCFD-aligned Climate Change Report. Decarbonization efforts are centered on securing long-term renewable power purchase agreements and progressively transitioning away from coal-fired power generation. All operating sites have implemented environmental management systems in accordance with the ISO 14001:2015 Standard. Water stewardship is a priority, with a group-wide water reuse rate exceeding 70%. The company's approach to tailings management is being aligned with the Global Industry Standard on Tailings Management (GISTM). Social responsibility initiatives include implementing Resettlement Action Plans that adhere to international standards and engaging in Free, Prior and Informed Consent (FPIC) processes with Indigenous communities. The occupational health and safety management system is built around the 'THINK Safety' program, which focuses on mitigating 12 identified 'Fatal Dangers' through behavioral-based training and risk management.

The company holds an 80% interest in a principal producing asset, with the remaining 20% held by a state-controlled entity, ZCCM, under an arrangement converted to a 3.1% revenue royalty basis in 2023. It also holds a 90% interest in a major operation, with the balance held through a 50/50 joint venture with Korea Mine Rehabilitation & Mineral Resources Corporation (KOMIR). In 2021, the company completed the sale of a 30% interest in another operation to POSCO, retaining a 75.7% interest as of year-end 2024. A significant portfolio addition occurred in 2023 with the acquisition of a 55% interest in a large, undeveloped deposit from Rio Tinto, where the company now serves as the operator. A key structural development in 2024 was the finalization of a Shareholder Rights Agreement with Jiangxi Copper Company Limited, which holds an 18.48% interest. Other major institutional shareholders with holdings over 10% include Capital Research Global Investors and Fidelity Group. The company was also actively pursuing the sale of its Cobre Las Cruces asset in 2024 as part of its portfolio optimization efforts.