First Quantum Minerals is one of the world’s leading copper producers, and the company has been hit hard by the recent strike and lower copper prices. The strike, which began in October 2018, has caused a significant disruption in copper production and has had a major impact on First Quantum’s operations.
The strike began when workers at the company’s Zambian copper mine, the Kansanshi mine, went on strike in protest of the company’s decision to lay off over 1,000 workers. The workers were demanding better wages and benefits, as well as improved safety standards. The strike lasted for over two months, and the workers eventually returned to work in December 2018 after reaching an agreement with the company.
The strike had a major impact on First Quantum’s production. The company’s production of copper dropped by over 25%, from an average of over 200,000 tonnes per month to just over 150,000 tonnes per month. This was a significant drop, and it had a major impact on the company’s bottom line.
The strike also had a major impact on the price of copper. Copper prices had been steadily rising throughout 2018, but the strike caused a sharp drop in prices. The price of copper fell from a high of over $7,000 per tonne in October 2018 to a low of just over $5,000 per tonne in December 2018. This drop in prices had a major impact on First Quantum’s revenues, as copper is one of the company’s primary sources of income.
The drop in copper prices has been further exacerbated by the ongoing trade war between the United States and China. The trade war has caused global demand for copper to drop, and this has led to a further drop in copper prices. The price of copper is now hovering around $5,700 per tonne, which is still significantly lower than it was before the strike and the trade war began.
The combination of the strike and the lower copper prices has had a major impact on First Quantum’s production. The company’s production of copper has dropped by over 40%, from an average of over 250,000 tonnes per month to just over 150,000 tonnes per month. This has had a major impact on the company’s revenues, as copper is one of the company’s primary sources of income.
The company is also facing additional challenges due to the lower copper prices. The company has had to reduce its production costs in order to remain competitive, and this has led to a reduction in profits. The company has also had to reduce its workforce in order to remain profitable, and this has had a negative impact on morale.
The situation is not expected to improve anytime soon, as the trade war between the United States and China is ongoing and the price of copper is expected to remain low for the foreseeable future. The company is hoping that the situation will improve in the long run, but in the meantime, the strike and lower copper prices are having a major impact on First Quantum’s production and profits.
