First Quantum Minerals Reports Second Quarter 2017 Results

First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today announced a comparative loss1 of $18 million ($0.03 per share1) and cash flows from continuing operating activities of $205 million ($0.30 per share1) for the three months ended June 30, 2017. The comparative loss includes a $97 million loss realized under the copper sales hedge program for which no tax credit is available.
As quoted in the press release:

“We are pleased with the overall performance in the quarter and half year,” noted Philip Pascall, Chairman and CEO.
“Operationally, our Kansanshi complex and Las Cruces mine turned in good results as margin improvement measures, implemented last year at Las Cruces and ongoing at Kansanshi, are making a considerable positive difference. Pyhäsalmi continued to operate profitably despite later-stage mine life conditions, Çayeli began its recovery from first quarter difficulties and Sentinel is moving progressively to steady-state operations with solid months in June and July. Ravensthorpe however, continues to face an ongoing challenging nickel price market.
“Development of our tier-one Cobre Panama project continues to advance strongly. With some challenging aspects of the project now behind us and phased commissioning within 18 months, we are building the team that will be operating the mine and processing facilities, port and power plant. This project, when in operation, will add significant geographic diversification to the Company.
“First Quantum’s financial position is much improved. Its debt maturity structure has been greatly strengthened following the liability management initiatives undertaken.  With the cash generated by our operations, cash on hand, committed, undrawn credit facilities and continuing initiatives to further strengthen the balance sheet, the Company is well-positioned to continue to execute its strategy,” Mr. Pascall concluded.

Click here for the full text release