27th Jan 2015 10:21
LONDON (Alliance News) - First Quantum Minerals Ltd on Tuesday said its 2014 copper, nickel, gold and zinc production met its expectations, while platinum and palladium production beat its hopes, though the company said it is taking a cautious stance given the volatility in commodity markets at the start of 2015.
The group said its copper production rose 4% to 427,655 tonnes in the year to December 31, with zinc production increasing by 12% to 55,980 tonnes. Gold production was down 7% to 229,813 ounces for the year, while nickel production fell 3% to 45,879 tonnes. All were in line with First Quantum's guidance, the company said.
But platinum and palladium both outperformed expectations, with platinum production rising 12% to 34,090 ounces and palladium production rising 5% to 25,990 ounces.
Copper sales rose 7% in the year, while zinc sales rose 8%. Nickel sales fell 3% and gold sales fell 6% for the year.
Philip Pascall, Chief Executive Officer and Chairman of First Quantum, said commodity markets have started the year showing high levels of volatility and said the company's share price has been driven down by the market conditions. He said the company is confident on the medium to long-term outlook for copper but is playing close attention to its current financial position and is being mindful of the current market environment.
First Quantum shares were up 2% to 676.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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