Higher costs, lower prices impact on First Quantum's Q4 net earnings
VANCOUVER (miningweekly.com) – Base metals producer First Quantum Minerals' net earnings from continuing operations decreased to $12-million for the three months ended December 31, compared with $111-million posted for the fourth quarter of 2015, as higher costs and lower metals prices weighed on the bottom line.
For the full year, the Toronto-based company reported net earnings from continuing operations of $222-million, compared with a loss of $501-million the year before.
For 2017, the company expects to produce 570 000 t copper, up from 539 458 t in 2016; 25 000 t nickel, up from 23 624 t in 2016; 200 000 oz gold, down from 214 012 oz last year; and 20 000 t zinc.
First Quantum Minerals shares have gained 22% since the start of the year. The company’s TSX-listed stock lost 5.48% on Friday to close at C$15 apiece.
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