18th Nov 2013 17:07
LONDON (Alliance News) - First Quantum Minerals Ltd Monday reported strong third quarter earnings after a 22% increase in sales revenues, which amounted to USD885.4 million.
The mining and metals company, which operates in Africa, Europe and Australia, while developing projects in various locations across South America, said its earnings before interest, tax, depreciation and amortisation totalled USD393.1 million for the three months ended September 30, compared with USD276.2 million for the corresponding quarter in 2012.
First Quantum Minerals said the rise in earnings per share totalled USD0.24 compared with USD0.23 for the third quarter of 2012.
In its full-year guidance, the company said its copper production range narrowed to between 397,000 and 416,000 tonnes, while nickel, gold and zinc production increased with upper estimates of 47,000 tonnes, 250,000 ounces and 50,000 tonnes, respectively. That said the cash cost of production for copper and nickel were lowered.
"With the completion of our major projects in Zambia and several optimization initiatives currently underway at our operations, we believe we are well positioned to maintain or better our competitive cost position in the industry," Philip Pascall, Chief Executive and Chairman, said in a statement.
"At Cobre Panama, our review of the project revealed a number of acquired technical and logistical shortcomings particularly with project planning and implementation that required immediate, corrective action. With most of this now behind us, the project is running well and good progress is being made in all areas," Pascall added.
Third quarter copper production was up 36% at 114,488 tonnes, nickel production up 26% at 12,485 tonnes, and gold production up 29% at 65,368 ounces.
First Quantum Minerals shares Monday closed at 1,132.00 pence, up 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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