21st Feb 2014 07:52
LONDON (Alliance News) - First Quantum Minerals Ltd Friday said its gross profit, revenues and production all improved in 2013, and it forecast higher copper production but lower nickel and gold output in 2014.
The multi-metal miner with operations in Zambia, Mauritania, Spain, Finland, Turkey and Australia, said its gross profit increased 2.7% to USD1.13 billion, from USD1.10 billion in 2012, as sales rose 20% to USD3.55 billion, from USD2.95 billion.
First Quantum declared a final dividend of CAD0.0930 per share, slightly lower than its CAD0.1147 per share final dividend for the 2012 year.
It increased production, particularly at its Kansanshi copper mine in Zambia and Ravensthorpe nickel mine in Australia. However, it also took a USD313 million hit from lower commodity prices and a build-up in concentrate inventory at Kansanshi.
First Quantum said its copper production increased 34% to 412,281 tonnes, its nickel production increased 28% to 47,066 tonnes and its gold production increased 23% to 248,078 ounces, as the Kansanshi copper mine managed to increase production despite certain constrained smelting capacity in Zambia and its Ravensthorpe nickel mine set a new production record.
While the company said it expects copper production to increase in 2014 to between 418,000 tonnes and 444,000 tonnes, nickel production is forecast to fall slightly to between 42,000 tonnes and 47,000 tonnes, and gold production is expected to be down at between 221,000 ounces and 246,000 ounces.
"We're very pleased with what has been achieved to date and believe our stakeholders are reassured that we have put in place the suitable capital structure and financial flexibility to meet our growth and investment plans," Chief Executive Officer Philip Pascall said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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