Business
First Quantum Minerals Reports Third Quarter 2021 Results
(In United States dollars, except where noted otherwise) TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX:
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":" (In United States dollars, except where noted otherwise) TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX: FM) today reported results for the three and nine months ended September 30, 2021. The Company reported, for the three months ended September 30, 2021 (“Q3”), comparative earnings1 of $197 million ($0.29 per share1), net earnings attributable to shareholders of the Company1 of $303 million ($0.44 per share1) and cash flows from operating activities of $703 million ($1.02 per share1). “In the third quarter, we delivered continued strong operational performance at all three of our large assets. This performance, combined with the closing of the Ravensthorpe stake sale in the quarter and our declining hedge book, means we are well on our way towards achieving our debt reduction target of at least $2 billion on an accelerated timetable in early 2022. Following the recent elections and subsequent smooth transfer of power in Zambia, we are pleased to be engaging constructively with the new Government as we look to establish the parameters for long-term investments into our growth projects in the country. Law 9 discussions with the Government of Panama continue to be transparent and constructive towards a mutually beneficial agreement. We were pleased to conclude the environmental and labour aspects of the discussions in the quarter,” commented Philip Pascall, Chairman and CEO. “The global pandemic from COVID-19 continues to present its challenges and I am grateful to our entire workforce for the commitment and tenacity that they demonstrated through these uncertain times. We remain committed to operating in a responsible and sustainable manner for the health and safety of our employees and providing support for our local communities during these challenging times.” THIRD QUARTER SUMMARY First Quantum’s financial performance continues at strong levels, driven by higher metal prices and strong operational performance resulting in a significant year-over-year increase in comparative EBITDA4,5 and net earnings, as well as notable further reduction in net debt3. On a quarter-over-quarter basis, reported comparative EBITDA of $886 million in Q3 came in slightly below the $902 million reported in Q2 2021. Total copper production for the third quarter was 209,859 tonnes, up from 199,68...