First Quantum Minerals Ltd
First Quantum Minerals Ltd
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West Australian explorer Dreadnought Resources is working up to a JORC resource estimate in the March 2023 quarter on rare earth element mineralisation over more than 1km strike at its Mangaroon project.
Canada-based miner First Quantum Minerals has approved plans for a $US1.25B expansion of its Kansanshi Copper Mine in Zambia, 1st floated in Jan, 2020, Reuters reports.
Higher copper prices and supply worries have helped Canada-based miner First Quantum Minerals lift its 1st qtr Mar 2022 (Q1 22) profit 171% to $US385M from $142M a year earlier.
The result was despite total copper production down 11% to 182,210t.
The company says the result came on the back of the effects of the Ukraine conflict, covid-19 restrictions in China and flooding in Durban, South Africa, that have hit the shipping environment, with inland logistics still challenged.
Canadian major First Quantum will fund base and precious metals exploration over the development-ready Honeymoon uranium project in South Australia under a new $A6M agreement with Boss Energy.
FQM may earn 51% of base and precious metals rights across five tenements 65km NW of Broken Hill by funding exploration for iron oxide copper gold and other mineralisation styles, then 75% by sole-funding expenditure through to a decision to mine.
Canada-based First Quantum Minerals achieved its highest ever annual copper production of 816,000t in the Dec 31, 2021 year, up 5% on the previous year, due to record production at Cobre Panama, with gold production jumping to 312,000oz from 265,000oz and nickel up to 17t from 13t.
Copper-gold-nickel miner First Quantum Minerals has more than doubled its Sept 2021 qtr (Q3 21) net earnings to $US303M from Q2 21’s $140M, driven by higher metal prices resulting record copper production up 5% at Cobre Panama and a continued strong performance at Sentinel.
However, the result saw sales revenue steady at $1.8B for a gross profit easing to $613M from $625M, EBITDA down to $886M from $902M, but cash flow from operating activities up to $703M from $679M.
Global copper-gold-nickel miner First Quantum Minerals has entered into a binding agreement to sell 30% of its Ravensthorpe nickel operation in Western Australia to Korea’s POSCO, the world’s 4th largest steel producer, for $US240M.
First Quantum will retain 70% of Ravensthorpe, a large-scale, open pit nickel/cobalt operation 150km west of Esperance, and continue as operator. The proceeds of the deal will be used to reduce company debt.
Global copper-gold-nickel miner First Quantum Minerals has posted a big jump in Mar 2021 qtr (Q1 21) net earnings to $US142M from Q4 20’s $9M on sales revenue up to $1.67B from $1.6B and gross profit to $540M from $443M.
The bottom line was on total copper production up to 205,064t from 203,171t, gold to 78,048oz from 68,747oz, but nickel sliding to 4,642t from 5,603t. Cash flows from operating activities jumped to $743M from $533M and the comparative EBITDA to $811M from $725M.
Canadian-based global miner First Quantum Minerals will take over the search for base metals at Dreadnought Resources’ Mangaroon nickel-copper-PGE and gold project in Western Australia’s Gascoyne region.
Dreadnought will retain all rights to any gold discovery over the five tenements of known historical high-grade gold mineralisation 250km SE of Exmouth.
Highest ever annual copper production has failed to stop First Quantum Minerals’ Dec 2020 year (FY/CY20) net loss blowing out to $US180M from FY/CY 19’s $57M loss.
The bottom line was on sales revenues up to $5.2B from $4B, gross profit to $1.07B from $790M, EBITDA to $2.15B from $1.6B and cash flows from operating activities up to $1.6B from $889M. However, the result was hit by fallout from the COVID-19 pandemic, with the Cobre Panama preservation/safe maintenance period ramping back up to full production in early August.