Business
First Quantum Minerals Reports Fourth Quarter and Full Year 2020 Results
(In United States dollars, except where noted otherwise) TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ("First Quantum" or the
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" (In United States dollars, except where noted otherwise) TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (\"First Quantum\" or the \"Company\") (TSX:FM) today reported for the three months ended December 31, 2020 (“Q4”) comparative earnings1 of $53 million ($0.08 per share1), net earnings attributable to shareholders of the Company1 of $9 million ($0.01 per share1) and cash flows from operating activities of $533 million ($0.77 per share1). For the full year 2020, the Company reports a comparative loss1 of $46 million ($0.07 per share1), a net loss attributable to shareholders of the Company1 of $180 million ($0.26 per share1) and cash flows from operating activities of $1,613 million ($2.34 per share1). CEO’S COMMENTS “2020 was a very challenging and unprecedented year as a result of the COVID-19 pandemic. Despite the challenges, the Company achieved its highest ever annual copper production. Sentinel performed exceptionally well and was a big contributor to that record production. Cobre Panama experienced a period of preservation and safe maintenance related to the virus, but still performed very well, ramping back up to full production in early August. We expect our 2021 copper production to grow this year to more than 785,000 tonnes. This makes First Quantum one of the top global copper producers with one of the largest Mineral Reserve bases,“ said Philip Pascall, Chairman and CEO. “Our success in meeting the challenges of the year was directly attributable to the dedication and resilience of our workforce and their adaptability to the new way of working.” “We continue to prioritize the health and safety of our workforce and extend all efforts to protect our operations from COVID-19 and help mitigate the spread through the communities. I am very proud of the efforts of our entire First Quantum team in this regard. In addition, we recently published our policy on climate change which formalizes and further demonstrates our commitment to the environment and reducing emissions across the business,” he said. “Our focus in 2021 continues to be on debt reduction to enable us to plan for returns to shareholders and future growth.” FOURTH QUARTER AND FULL YEAR 2020 SUMMARY: Operational Highlights: Total copper production2 was 203,171 tonnes in Q4 and 778,911 tonnes for the ...