First Quantum Minerals' first quarter profit increased by 37%
2012-10-11 Company News HITS:

On May 10, it was reported that Canada First Quantum Minerals reported a 37% profit increase in the * quarter, as the impact of the decline in copper production was more offset by the rise in copper prices.

Miners focusing on Africa said that as of the * quarter ended March 31, the company's net profit increased to 206.7 million US dollars, or 2.41 US dollars per share, up from 150.3 million US dollars, or 1.86 US dollars per share, in the same period last year.

Copper production in the first quarter fell 13.5% to 74888 tons. Last month, Quantum Minerals said that copper production in the * quarter would be affected by the closure of its Frontier mine in the Democratic Republic of the Congo.

However, sales in the first quarter increased by 27.9% to 705.2 million US dollars, due to the average copper price rising by more than 40%.

The company said that it continuously expected that the copper output would reach 300000 tons and the gold output would reach 200000 tons in 2011. The company's annual average copper production cost is estimated to rise from $1.10 per pound to $1.15 per pound.

First Quantum Minerals also plans to start nickel production later this year, when its Ravensthorpe project in Australia will start production in the second half of this year.