First Quantum Lowers Nickel Cash Cost

Globe and Mail reported First Quantum (TSX:FM,LSE:FQM) said its profits fell as base metal prices remained weak, and it lowered its cash cost guidance for the Ravensthorpe nickel project.

As quoted in the market news:

First Quantum produced 71,543 tonnes of copper in the quarter and, with the start-up of the Ravensthorpe mine in Australia, added 8,053 tonnes of nickel. Gold sales climbed 21 per cent to 46,445 ounces from 38,426 in the year-ago period.

The Vancouver-based miner maintained its production outlook for the year and lowered its cash cost guidance for the Ravensthorpe nickel project to $6.50 a pound. The average realized nickel price in the second quarter was $7.84 a pound.

Click here to read the full Globe and Mail report.