Maravi

First Quantum profit doubles

First Quantum profit doubles
By Rob Delaney
Tuesday May 20, 2008 [04:00]

First Quantum Minerals Ltd., the Canadian miner of copper in Zambia and the Democratic Republic of Congo, said first-quarter profit more than doubled because of higher output and prices. Net income climbed to $182 million, or $2.65 a share, from $78.3 million, or $1.14, a year earlier, Vancouver-based First Quantum said yesterday in a statement. Net sales nearly doubled to $512 million.

First Quantum Chief Executive Officer Clive Newall is increasing copper output to take advantage of rising demand from China and other developing countries.

Copper on the London Metal Exchange was 30 per cent higher, on average, in the first quarter compared with a year earlier, and reached a record $8,880 a metric tonne on April 17.

First Quantum’s total copper output may rise 32 per cent to 310,000 metric tonnes in 2008, from 226,693 tons in 2007, Newall said on January 22.

That estimate was higher than the 300,000 tons previously forecast because of better-than-expected performance at the Kansanshi mine in Zambia.

Kansanshi yielded 52,303 tonnes in the first quarter, accounting for 69 per cent of the company’s total copper output in the period. Commercial copper production at First Quantum’s frontier mine in Congo, which began in November, will be about 84,000 metric tonnes in 2008, the company stated.

Labels: FIRST QUANTUM MINING, MINING

posted by MrK @ 4:13 AM