First Quantum Minerals Ltd
First Quantum Minerals Ltd
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International miner First Quantum Minerals has managed Mar 2018 qtr (Q1 18) net earnings of $US47M, adjusted to exclude items not reflective of underlying performance, from Q4 17’s $115M loss, despite lower copper and gold production.
Copper production fell to 145,358t from 154,319t, with AISC costs also down to $1.72lb from $1.76lb, C1 cash costs to $1.27lb from $1.30lb and total C3 costs steady at $2.16lb. Gold output was also down to 45,929oz from 51,904oz, with sales to 48,815oz from 50,723oz.
Despite copper-gold production down and revenue static, First Quantum has recovered from Q4 17’s loss to a $47M Q1 18 profit
Zambia expects to produce more than 1Mt of copper this year after revising its 2017 production up to 800,000t from 786,731t on the back of stable power supply, Reuters reports.
Rising copper prices are also expected to boost revenue for Africa’s No-2 producer, with copper its biggest export.
Zambia’s tax agency has slapped First Quantum Minerals with a $US8.04B bill for unpaid import duties, a potentially huge blow for the Canadian miner that earns most its profit in the country, Reuters reports.
First Quantum, which owns 2 copper mines in Zambia and has a market value of $11B, denies it owes the money.
A record breaking Dec 2017 year (FY/CY17) topped by record gold equivalent sales up 7.2% on 2016 to 497,745oz, has culminated in royalty-streamer Franco-Nevada notching a record net profit of $US194.7M from $122.2M and adjusted net income to $198.3M from $164.4M.
A FY17 studded with records, culminating in a record $194.7M profit, sees Franco-Nevada well set for more out to 2022.
A $US568M hedge programme loss and $250M of impairments/other costs has seen international miner First Quantum Minerals post a profit-to-loss turnaround to a Dec 2017 year (FY/CY17) loss from continuing operations of $316M from FY/CY2016 net earnings of 222M.
The result was on copper production up, but nickel and gold down, albeit with sales revenues up to $3.3B from $2.67B, gross profit down to $335M from $339M and comparative EBITDA up to $1.15B from $964M.
A big hedge loss, plus impairments and other costs have seen First Quantum fall from a FY/CY16 profit to a FY/CY17 $316M loss.
Global miner First Quantum Minerals has approved the expansion of its world-class, 90%-owned Cobre Panama copper-gold-silver-molybdenum porphyry project in Panama to take contained copper production to up to 350,000tpa in 2021.
Australian-based Odin Metals is building a 22.7sq km landholding in the Sturgeon Lake mining camp in Ontario, Canada through a deal to explore with a view to buying First Quantum Minerals' properties in the area.
The FQM properties adjoin Odin's existing Sturgeon Lake holdings, purchased in Oct 2017 through the acquisition of private owner Evandale Minerals.
Odin can pay $C0.375M plus 1.5% NSR royalty for the FQM land, which hosts the historic, high-grade Sturgeon Lake mine.