Business
First Quantum Minerals Reports Second Quarter 2024 Results
(In United States dollars, except where noted otherwise) TORONTO, July 23, 2024 (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 23, 2024 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the \"Company”) (TSX: FM) today reports results for the three months ended June 30, 2024 (“Q2 2024” or the \"second quarter\") of a net loss attributable to shareholders of the Company of $46 million ($0.06 loss per share) and an adjusted loss1 of $13 million ($0.02 adjusted loss per share2). “We had another solid quarter in Zambia and with the work achieved to date, both Kansanshi and Sentinel are set up well for the remainder of the year. At Enterprise, the continued successful commissioning and ramp up has enabled the declaration of commercial production on June 1, 2024 while the S3 Expansion is progressing well and on track for completion in mid-2025. We also initiated a copper hedge program as we continue efforts to maintain the strength of the balance sheet,” commented Tristan Pascall, Chief Executive Officer of First Quantum. “Finally, it was pleasing to reach a Shareholder Rights Agreement with Jiangxi Copper, which formalizes a clear basis for the relationship between us. The relationship with Jiangxi Copper, who have been a long standing customer, has solidified since their purchase of First Quantum shares in 2019. We look forward to Jiangxi Copper's continued strong support on the strategic direction of the Company.” Q2 2024 SUMMARY There were a number of developments during the second quarter that are also detailed in this news release. A Shareholder Rights Agreement with Jiangxi Copper Company Limited (“Jiangxi Copper”); Additional power supply restrictions by the Zambian Electricity Supply Corporation Limited (\"ZESCO\"); Implementation of a copper hedging program; Updated NI 43-101 Technical Report for Kansanshi In Q2 2024, First Quantum reported gross profit of $333 million, EBITDA1 of $336 million, a net loss attributable to shareholders of $0.06 per share, and an adjusted loss per share2 of $0.02. Relative to the first quarter of 2024 (“Q1 2024”), second quarter financial results improved due to higher copper and gold prices. Total copper production for the second quarter was 102,709 tonnes, a 2% increase from Q1 2024 as a result of higher production at Kansanshi. Copper sales volumes totaled 94,628 tonnes, lagging production due to the timing of shipments and vess...