Lun 9 Mai 2011 12:56
Operational and Financial Results March 31, 2011
By: Marketwire .
May. 9, 2011 06:01 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/09/11 -- (All figures expressed in US dollars, unless otherwise noted)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) today announced its results for the three months ended March 31, 2011. The complete financial statements and management discussion and analysis are available for review at www.first-quantum.com and should be read in conjunction with this news release.
The Company's results are now being prepared in accordance with International Financial Reporting Standards ("IFRS"). The changes in accounting policies have been applied consistently to the comparative period unless otherwise noted. See "Regulatory disclosures" for further discussion.
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Three months ended
SUMMARY OPERATING AND FINANCIAL DATA March 31
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(USD millions unless otherwise noted) 2011 2010
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Production - copper (tonnes) 74,888 85,062
Sales - copper (tonnes) 70,665 81,441
Production - gold (ounces) 49,146 44,642
Sales - gold (ounces) 45,349 48,995
Realized copper price (per lb) $ 4.01 $ 2.83
Average copper unit cash cost of production
(C1)(1) (per lb) $ 1.15 $ 1.21
Net sales $ 705.2 $ 551.2
Gross profit $ 439.5 $ 306.7
Net earnings attributable to shareholders of
the Company $ 206.7 $ 150.3
Earnings per share $ 2.41 $ 1.86
Cash $ 1,486.4 $ 552.7
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Unless otherwise indicated, all comparisons of performance throughout this
report are to the comparative periods for 2010
(1) C1 cost is not recognized under IFRS. See "Regulatory disclosures" for
further information
FIRST QUARTER HIGHLIGHTS
Strong production, higher metal prices and lower unit cost
-- 43% increase in gross profit despite the loss of production following
the forced shut down of operations at the Frontier mine in the
Democratic Republic of Congo ("RDC") on August 27, 2010. The increase in
profitability was assisted by a 42% higher realized copper price and a
5% lower unit cost of production.
-- 21% increase in copper production from the Kansanshi and Guelb Moghrein
mines due to mining fleet and plant expansions.
-- 10% increase in total gold production resulting from circuit
improvements at both mines.
Development projects advancing on schedule
-- Pre-commissioning activities at the Ravensthorpe project remain on
schedule to commence in Q2 2011.
-- Updated resource and reserve estimates for the Kevitsa project are
significantly higher than estimates at the time of acquisition. The
project remains on schedule to achieve commercial production in mid
2012.
-- At the Trident project, mining licences were granted in April covering
the entire Trident project and the Environmental Impact Assessment
("EIA") was submitted in January for the Sentinel deposit.
-- Exploration activities continue at a high rate with over 35 drill rigs
active on the Company's projects in Zambia, Mauritania, Peru and
Finland.
Operational outlook for 2011 maintained
-- Production of 300,000 tonnes of copper and 200,000 ounces of gold.
-- Average C1 cost of $1.15 per pound of copper.
-- Nickel production to commence with the commissioning of the Ravensthorpe
project in the second half of 2011.
REVENUES
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Three months ended
Sales revenues (after realization charges) March 31
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(USD millions unless otherwise noted) 2011 2010
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Kansanshi - copper 563.2 373.5
- gold 34.1 22.4
Guelb Moghrein - copper 49.0 40.4
- gold 19.6 20.9
Frontier - copper 13.7 80.0
Bwana/Lonshi - copper 0.2 14.0
Corporate 25.4 -
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Sales revenues 705.2 551.2
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COPPER SELLING PRICE (per lb) USD/lb USD/lb
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Gross copper selling price 4.23 3.12
Treatment charges/refining charges ("TC/RC")
and freight charges (0.22) (0.29)
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Realized copper price 4.01 2.83
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On conversion to IFRS, the Company now recognizes provisional pricing and derivative adjustments in cost of sales rather than in revenues.
Copper sales volumes decreased 13% year-over-year to 70,665 tonnes. The primary reason for the decrease was the forced shut down of operations at Frontier at the end of August 2010. In addition, lower sales of Guelb Moghrein's concentrate resulted from an increase in material produced which requires blending prior to final sale. Gold revenues increased by 24% over Q1 2010 to $53.7 million. The increase resulted from a higher realized gold price.
The Q1 2011 average realized copper price was significantly higher than Q1 2010 due to an increase in the average LME copper price. TC/RC and freight charges decreased in Q1 2011 due to the reduction in the proportion of copper in concentrate sold to copper cathode sold.
During Q1 2011, the metal marketing division had revenues of $25.4 million and finished goods inventory of $50.8 million related to external purchases and sales.
SEGMENTED OPERATING RESULTS
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Three months ended
Kansanshi Copper and Gold Operation March 31
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2011 2010
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Production (tonnes)
Copper cathode 25,445 19,180
Copper in concentrate 12,697 7,202
Copper cathode tolled 26,655 27,201
Total copper production (tonnes) 64,797 53,583
Copper sales (tonnes) 63,073 56,464
Gold production (ounces) 30,612 24,272
Gold sales (ounces) 31,210 26,739
Sulphide ore tonnes milled (000's) 2,318 2,449
Sulphide ore grade processed (%) 0.9 0.8
Sulphide copper recovery (%) 94 93
Mixed ore tonnes milled (000's) 1,638 1,249
Mixed ore grade processed (%) 1.2 1.4
Mixed copper recovery (%) 68 63
Oxide ore tonnes milled (000's) 1,517 1,250
Oxide ore grade processed (%) 2.4 2.1
Oxide copper recovery (%) 84 93
Cash costs (C1) (per lb) (1) $ 1.14 $ 1.18
Total costs (C3) (per lb)(1) $ 1.39 $ 1.39
Gross profit (USD M) $ 400.5 $ 227.3
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