Business
First Quantum Minerals Reports Second Quarter 2020 Results
(In United States dollars, except where noted otherwise) TORONTO, July 28, 2020 (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, July 28, 2020 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (\"First Quantum\" or the \"Company\") (TSX:FM) today reported results for the three and six months ended June 30, 2020. The Company reported, for the three months ended June 30, 2020 (“Q2”), a comparative loss1 of $84 million ($0.12 loss per share1), net loss attributable to shareholders of the Company1 of $156 million ($0.23 loss per share1) and cash flows from operating activities of $155 million ($0.23 per share1). “Although the second quarter of 2020 has brought unprecedented challenges around the globe, the Company has shown resilience and performed very well financially and operationally. Copper production from our Zambian operations, in particular, was strong and Sentinel achieved record low unit costs for the quarter. Our organization has had to change and adapt in order to protect the health and welfare of our workforce and communities, while ensuring the continuation of the business in these uncertain times. With this in mind, we’ve been proactive in taking steps to provide stability to future cashflows with the expansion of our sales hedge program in July, as copper prices continue to rise significantly from low prices experienced for much of the quarter,” commented Philip Pascall, Chairman and CEO. “We are indebted to our workforce at the front line in our mines, many of whom have been unable to return to their family and homes for long periods as a result of quarantine requirements, rotation timings and travel restrictions. I would like to thank all of our people who have made these personal sacrifices and recognize the significant contribution they continue to make to the success of the business. I would also like to express our sincere condolences to those who have been ill and especially to the families and colleagues of the five employees and contractors who very sadly died in Panama.” SECOND QUARTER SUMMARY: Operational Highlights: 169,059 tonnes of total copper production2 in Q2, comparable to the same period of 2019, including 21,733 tonnes of copper production from Cobre Panama while on preservation and safe maintenance. Q2 cost of copper production3: all-in sustaining cost (“AISC”) of $1.62 per lb and cash cost (“C1”) of $1.20 per lb, 8% and 9% lower, respectively, than the...