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Canadian copper miner First Quantum have released their first quarter results for 2018.
First Quantum (TSX:FM) has reported comparative earnings of US$49 million (US$0.07 per share), net earnings attributable to shareholders of the company of US$47 million (US$0.07 per share) and cash flows from operating activities of US$796 million (US$1.16 per share) for the three months ended March 31, 2018. The results include a US$121 million loss realized under the copper sales hedge program for which no tax credit is available.
As highlighted in the press release:
145,358 tonnes of copper produced; low unit cost of production maintained.
39 percent increase in production year-over-year at the Sentinel mine.
350,591 tonnes of concentrate processed by the Kansanshi (Zambia) smelter; exceeded the annualized design rate of 1.2 million tonnes.
Unit cost of copper production3: All-in sustaining cost = US$1.72 per pound; cash cost = $1.27 per pound; total cost = $2.16 per pound.
As quoted in the press release:
Chairman and chief executive officer of First Quantum Philip Pascall said “we are pleased with the quarter’s results in all aspects of the Company. The solid performances at our Zambian operations are of particular note considering the severity of the seasonal rains.”
Click here to view the full First Quantum Minerals Limited (TSX:FM) press release.
