First Quantum reports operating profit of $354.1m
Africa-focussed miner First Quantum saw first quarter operating profits rise to $354.1m from $145.8m last time thanks to higher sales volume, an increase in the realized copper price and lower cash costs.
"Notwithstanding intermittent power blackouts and the effects of the rainy season, group operating profit, which was a quarterly record, rose significantly," said the group.
Net profit increased to $182m compared with $78.3m last time, while sales rose to $511.5m from $261.3m previously due to an 63% increase in production.
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Copper production increased to 75,616 tonnes from 46,403 tonnes a year ago. Expected production for 2008 remains at 310,000 tonnes, the group added.
Over the five years from 2009 to 2013, copper production profile from existing operations is expected to average 222,000 tonnes per annum at Kansanshi, 43,000 tonnes at Guelb Moghrein and 81,000 tonnes at Frontier as a result of planned expansions.
