TORONTO (miningweekly.com) – Canadian base metals producer First Quantum Minerals has swung to a first-quarter profit as strong production at all its continuing operations underpinned rising revenues.
Net earnings from continuing operations attributable to TSX- and LSE-listed First Quantum shareholders was $49-million in the first quarter ended March 31, compared with a loss of $78-million a year earlier.
Excluding special items, First Quantum reported comparative earnings of $63-million, or $0.09 a share, compared with an adjusted loss of $12-million, or $0.02 as share, in the comparable period of 2015.
Revenue had risen 20% year-on-year to $720-million, on the back of strong copper production, boosted by output from its Sentinel mine, in Zambia.
Copper output increased by about 30% over the comparable period a year earlier to 119 287 t.
The company’s TSX-listed stock on Thursday closed down 1.72% at C$9.16 apiece, having gained 82.39% since the start of 2016 as a modest commodity price rally benefited the company.