First Quantum Minerals LtdF
First Quantum Minerals Ltd (TSX: FM) is a Vancouver-headquartered, multi-jurisdiction copper (with material gold and nickel byproducts) producer. Kansanshi (Solwezi, North-Western Province, Zambia; First Quantum 80% / ZCCM Investments Holdings, a Zambian state-owned company, 20%) is the flagship and longest-held asset: commercial production began Apr 2005, just 19 months after construction commenced, and it remains First Quantum's flagship operation with estimated reserves of 727 million tonnes at 0.86% copper, supporting a mine life of over 20 years -- the largest integrated metallurgical processing facility in Africa, employing over 13,000 people. Sentinel and Enterprise (both Zambia, nickel-producing) round out the Zambian portfolio; Q2 2026 guidance for Enterprise alone was 30,000-40,000 tonnes contained nickel. Cobre Panama (Panama) is a major asset whose mining contract was voided by Panama's Supreme Court in Nov 2023, forcing a full shutdown -- 2026 saw only a partial restart (recommissioning of one of three milling circuits, processing existing ore stockpiles under regulatory approval for stockpile processing specifically, explicitly NOT a full mine reopening), contributing a negative $51M EBITDA impact in Q2 2026 alone from preservation-and-safe-maintenance costs prior to any resumed production; a full restart depends on a political/legal settlement that remains unresolved. Las Cruces (Spain, 100%) and Guelb Moghrein (Mauritania, 100%) are the company's other producing assets. Q2 2026 production included 100,487 tonnes of copper, 32,029 ounces of gold, and 11,246 tonnes of nickel, on total sales revenue of $1,522 million; full-year 2025 revenue was split approximately 82% copper / 10% gold / 5% nickel / 3% other by commodity.
Notable vs. Peers
- Financials score of 1.7/10 is weaker than the peer average of 5.5/10.
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · No single company-wide date exists for a multi-asset producer (Kansanshi, Sentinel, Enterprise, Cobre Panama, Las Cruces, Guelb Moghrein) spanning four countries and multiple ownership percentages, with Kansanshi's own construction predating this record's economics anchor by two decades and Cobre Panama's history additionally complicated by its 2023 forced shutdown and 2026 partial-only restart (itself not a 'first' or 'commercial' production event for that already-once-producing asset). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts) -- same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset producer (Kansanshi, Sentinel, Enterprise, Cobre Panama, Las Cruces, Guelb Moghrein) spanning four countries and multiple ownership percentages, with Kansanshi's own construction predating this record's economics anchor by two decades and Cobre Panama's history additionally complicated by its 2023 forced shutdown and 2026 partial-only restart (itself not a 'first' or 'commercial' production event for that already-once-producing asset). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts) -- same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset producer (Kansanshi, Sentinel, Enterprise, Cobre Panama, Las Cruces, Guelb Moghrein) spanning four countries and multiple ownership percentages, with Kansanshi's own construction predating this record's economics anchor by two decades and Cobre Panama's history additionally complicated by its 2023 forced shutdown and 2026 partial-only restart (itself not a 'first' or 'commercial' production event for that already-once-producing asset). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts) -- same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS). · Source
- Apr 2005 · Kansanshi (the flagship, longest-held-controlling-interest asset and this record's economics/milestone anchor) achieved commercial production in Apr 2005, just 19 months after construction commenced, and has been First Quantum's flagship operation ever since. Month precision only (exact day not independently confirmed this pass). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset producer (Kansanshi, Sentinel, Enterprise, Cobre Panama, Las Cruces, Guelb Moghrein) spanning four countries and multiple ownership percentages, with Kansanshi's own construction predating this record's economics anchor by two decades and Cobre Panama's history additionally complicated by its 2023 forced shutdown and 2026 partial-only restart (itself not a 'first' or 'commercial' production event for that already-once-producing asset). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts) -- same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS). · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chief Executive Officer of First Quantum Minerals Ltd.
Chief Financial Officer of First Quantum Minerals Ltd.
Chief Operating Officer of First Quantum Minerals Ltd.
Board Chair of First Quantum Minerals Ltd, an independent director, since 2025.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Multi-asset producer (Kansanshi, Sentinel, Enterprise, Cobre Panama, Las Cruces, Guelb Moghrein) across four countries with different ownership percentages and no single consolidated corporate-level dcfNpvUsd/irrPct/technicalReportPriceAssumptionUsd figure disclosed -- same structural gap as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/IVN/HBM/LUN/CS). Kansanshi -- the flagship, longest-held-controlling-interest asset -- anchors mineLifeYears below. ouncesFound is deliberately left null per this repo's still-open Task #324 ouncesFound/copper-unit policy question, same convention as this backlog's other copper majors.