About
First Quantum Minerals Ltd. (TSX: FM) is a Canadian diversified mining company operating the Guelb Moghrein copper-gold mine in Mauritania through its wholly-owned subsidiary Mauritanian Copper Mines S.A. (MCM). Located near Akjoujt in the Inchiri region of west-central Mauritania, Guelb Moghrein is an open-pit copper-gold porphyry deposit that has been in commercial production since 2006. The mine is Mauritania's second-largest mining operation after Kinross Tasiast and a key contributor to government revenues. In 2023, Guelb Moghrein produced approximately 13,000 metric tonnes of copper in concentrate and 26,363 ounces of gold, along with a significant cobalt by-product in magnetite concentrate — approximately 570,000 tonnes of magnetite concentrate annually — which is of increasing strategic significance in the global critical minerals supply chain. Copper production has grown consistently since commercial operations commenced. The Guelb Moghrein deposit holds the potential for meaningful expansion, and a $340 million processing capacity gap has been identified representing a significant investment opportunity. First Quantum is a major global copper producer with mines in Zambia (Kansanshi, Sentinel), Panama (Cobre Panama — currently suspended), Australia, Turkey, and other jurisdictions. CEO: Tristan Pascall.
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