First Quantum Minerals Ltd. Presents at Africa Down Under - Africa Down Under 2015, Sep-03-2015 02:00 PM
Aug 26 15
First Quantum Minerals Ltd. Presents at Africa Down Under - Africa Down Under 2015, Sep-03-2015 02:00 PM. Venue: Perth, Australia. Speakers: Phillip Pascall, Chief Executive Officer.
First Quantum Minerals to Cease Production at One of Large Mines
Aug 5 15
First Quantum Minerals announced that a series of power shortages pressured to stop production at one of its large mines, in a major operational scale-down, which would ensue in the loss of nearly 1,500 jobs. A rigorous cost-cutting program is being commenced by the miner to save its $2.1 billion Sentinel copper mine after the decision of the state power company to slash power supplies to its operation due to a countrywide shortage.
First Quantum Minerals Ltd. Announces Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production and Capital Expenditure Guidance for the Full Year 2015
Jul 30 15
First Quantum Minerals Ltd. announced earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, sales revenues were USD 610 million against USD 945 million a year ago. Comparative EBITDA was USD 161 million against USD 402 million a year ago. Net loss attributable to shareholders of the company was USD 101 million against net earnings attributable to shareholders of the company were USD 134 million a year ago. Diluted loss per share was USD 0.16 against diluted earnings per share was USD 0.23 a year ago. Comparative earnings were USD 18 million against USD 152 million a year ago. Comparative earnings per share were USD 0.03 against USD 0.26 a year ago. Cash flow from operations before changes in working capital and tax paid was USD 157 million against USD 389 million a year ago. Capital expenditure was USD 393 million in the quarter, which included USD 145 million at Cobre Panama; USD 104 million at Trident, including precommercial spend and stripping; and USD 103 million at Kansanshi, including USD 24 million capitalized stripping and USD 28 million smelter. Net debt is USD 720 million lower than first quarter of 2015 following the equity issuance in the quarter.
For the six months, Sales revenues were USD 1,260 million against USD 1,836 million a year ago. Comparative EBITDA was USD 281 million against USD 775 million a year ago. Net loss attributable to shareholders of the company was USD 183 million against net earnings attributable to shareholders of the company were USD 261 million a year ago. Diluted loss per share was USD 0.30 against diluted earnings per share was USD 0.44 a year ago. Comparative earnings were USD 6 million against USD 282 million a year ago. Comparative earnings per share were USD 0.01 against USD 0.48 a year ago. Cash flow from operations before changes in working capital and tax paid was USD 288 million against USD 759 million a year ago.
For the quarter, copper production was 104,223 tonnes against 107,808 tonnes a year ago. Copper sales were 84,382 tonnes against 114,449 tonnes a year ago. Nickel production was 9,059 contained tonnes against 12,223 contained tonnes a year ago. Nickel sales was 8,721 contained tonnes against 10,651 contained tonnes a year ago. Gold production was 56,725 ounces against 60,723 ounces a year ago. Gold sales were 50,804 ounces against 60,135 ounces a year ago.
For the six months, copper production was 200,551 tonnes against 220,926 tonnes a year ago. Copper sales were 179,567 tonnes against 217,235 tonnes a year ago. Nickel production was 15,327 contained tonnes against 24,061 contained tonnes a year ago. Nickel sales was 14,427 contained tonnes against 24,748 contained tonnes a year ago. Gold production was 109,507 ounces against 120,887 ounces a year ago. Gold sales were 100,684 ounces against 113,261 ounces a year ago.
For the full year 2015, total production of copper is expected between 410,000 and 440,000 tonnes; total production nickel is expected between 32,000 and 40,000 tonnes; total production gold is expected between 218,000 and 247,000 ounces; total production zinc is expected between 40,000 and 45,000 tonnes; total production palladium is expected between 20,000 and 23,000 ounces; and total production platinum is expected between 25,000 and 45,000 ounces. In addition, total physical production at Sentinel was expected to be between 80,000 and 100,000 tonnes of copper. Production guidance for Sentinel is currently under review following the closure of the process plant as a result of the imposed reduction in power supply. Cash cost of production Copper between USD 1.25 and USD 1.40 per pound, inclusive of post-commercial production at Sentinel. Nickel between USD 4.75 and USD 5.00 per pound. Capital expenditures, excluding capitalization of any pre-commercial production costs and capitalized interest, of approximately USD 1.4 billion including USD 600 million for the Cobre Panama project. In 2016, focus will be on optimizing the phasing of capital expenditure at Cobre Panama, while keeping the project on track.