TSX-listed First Quantum Minerals has recorded net earnings attributable to shareholders of $142-million, or $0.21 apiece, for the quarter ended March 31.
This while generating cash flow from operating activities of $743-million.
CEO Philip Pascall comments that the Cobre Panama operation, in Panama, supported earnings in the quarter by delivering record quarterly production.
The company’s Zambian business, which includes the Kansanshi mine, delivered in line with guidance, despite heavy rains experienced during the period.
“With our continued low costs and the strong copper price, we generated significant cash flow, which in turn, enabled us to further reduce our debt level,” Pascall says.
First Quantum produced 205 064 t of copper in the quarter under review, which was a 5% increase on output in the first quarter of 2020.
Cobre Panama delivered record output of 82 042 t, which was a 46% increase year-on-year.
The company’s gold production in the quarter under review totalled 78 048 oz, an increase of 13% year-on-year.
Further, First Quantum produced 4 642 t of nickel at the Ravensthorpe operation, in Australia, while construction of the Shoemaker Levy operation, also in Australia, continued to advance – with 9 km of conveyor and erection of the conveyor highway overpass completed in the period.
The company remains on track to produce between 785 000 t and 850 000 t of copper for the full 2021, as well as between 280 000 oz and 300 000 oz of gold and between 23 000 t and 27 000 t of nickel.