Business
First Quantum Minerals Reports Second Quarter 2022 Results
(In United States dollars, except where noted otherwise) TORONTO, July 26, 2022 (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 26, 2022 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today reports results for the three months ended June 30, 2022 (“Q2 2022”) of net earnings attributable to shareholders of the Company of $419 million ($0.61 earnings per share) and adjusted earnings1 of $337 million ($0.49 adjusted earnings per share2). As at June 30, 2022, First Quantum had achieved its debt reduction target of $2 billion, from the peak in Q2 2020, and, as previously announced, continues to target a further $1 billion reduction in debt in the medium term. “While the restrictions from the global pandemic have largely eased, the macro environment has become more challenging due to a combination of continued high inflation and the emerging global economic slowdown. Our debt reduction over the last several years has placed our balance sheet in a better position for this turn of events. In order to build further resilience through these uncertain times, our focus will be on driving consistent operational performance, successful execution of our brownfield projects and discipline with our capital investments,” commented Tristan Pascall, Chief Executive Officer. “It is the determination and commitment of our workforce that has enabled us to surmount the unprecedented obstacles that we have faced in recent years and means that we can tackle these new challenges with confidence. I thank the team for their continued commitment and efforts.” Q2 2022 SUMMARY In Q2 2022, First Quantum reported gross profit of $629 million, EBITDA1 of $906 million, net earnings attributable to shareholders of $0.61 per share, and adjusted earnings of $0.49 per share2. Relative to the first quarter of this year (“Q1 2022”), second quarter financial results were impacted by a declining copper price, inflationary pressures on costs and lower sales volumes of copper, gold and nickel. Total copper production for the second quarter was 192,668 tonnes, a 6% increase from Q1 2022. The quarter-over-quarter increase in production was entirely attributable to Cobre Panama, which achieved quarterly records in mining volumes, throughput, and production. At both Kansanshi and Sentinel, lower grades continued into Q2 2022, which contributed to lower copper production relative to the p...