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First Quantum headline earnings rise on improved shipments

7th May 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Base metals miner First Quantum on Monday reported adjusted headline earnings for the first three months of the year rose 30% year-on-year to $153.8-million or $0.32 a share, as the company reported improved copper, nickel and gold sales.

Net earnings attributable to shareholders fell to $112.4-million or $0.23 a share, from $1.34-billion, or $2.81, a year earlier, when results were boosted by a legal settlement.

Sales revenue was 24% higher at $901.2-million, an increase of $172.5-million over the same quarter of 2012.

During March, First Quantum acquired 85.5% of base metals miner Inmet Mining for $4.3-billion in cash and stock.

First Quantum’s TSX-listed stock on Monday closed at C$17.59 apiece.

Edited by Creamer Media Reporter

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