29th Apr 2016 08:00
LONDON (Alliance News) - First Quantum Minerals Ltd on Friday said it intends to de-list from London at the end of May as it said first-quarter copper production hit a high.
The group, which is currently dual-listed in London and Toronto, said it will cancel its listing on the London Main Market but will retain its Canadian listing.
First Quantum expects the cancellation of its London shares to take place on May 31.
The decision came as First Quantum said its copper production for the first quarter rose to 119,287 tonnes from 91,910 tonnes a year earlier in the quarter to the end of March. Copper sales also grew, up to 131,267 from 91,082.
First Quantum said it saw progressively higher production from its Sentinel project in Zambia through the quarter, in addition to increased throughput from the Kansanshi smelter, also in Zambia.
Nickel production in the quarter rose to 7,106 tonnes from 4,238 tonnes, while gold production grew to 56,191 ounces from 49,780.
First Quantum also said the material uncertainty which had existed over its ability to meet its net debt-to-Ebitda ratio covenant has been resolved, following the sale of the Kevitsa project in Finland and ongoing cost improvements, along with better copper sale hedge programmes.
First Quantum shares were up 6.5% to 540.00 pence in London Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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