First Quantum Minerals Ltd. · TSX:FM
First Quantum Minerals — Q1 2013 Earnings Presentation
11 slides from First Quantum Minerals's earnings presentation, May 7, 2013
Slide 1: First Quarter 2013
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Slide 2: Forward Looking Information
FORWARD LOOKING INFORMATION OVERVIEW OF RESULTS – Q1 2013 Both these slides and the accompanying oral presentation contain certain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward looking statements include, among other things,
Slide 3: Q1 2013 Highlights
Q1 2013 HIGHLIGHTS OVERVIEW OF RESULTS – Q1 2013 (1) Comparative Operating profit up 21% against Q1 2012 Revenue $901m, including $70m from Kevitsa and acquired sites (up 24% vs Q1 2012) (2) Copper production 79.3k tonnes (up 20% vs Q1 2012) Nickel production 11.1k tonnes including 2.0k tonnes
Slide 4: Production
PRODUCTION OVERVIEW OF RESULTS – Q1 2013 Copper Production (‘000 tonnes) 84.1 84.9 79.3 Kansanshi sulphide circuit higher than Q1 2012 with higher throughput partially offset by 72.2 65.9 lower mixed circuit, following temporary circuit reconfiguration . Oxide circuit higher due to completion of the
Slide 5: Financial Overview
FINANCIAL OVERVIEW OVERVIEW OF RESULTS – Q1 2013 $ millions Q1 2013 (2) Q1 2012 Q4 2012 Revenue 901 729 775 Gross Profit 310 270 295 Operating Profit 243 1,458 256 (1) Comparative EBITDA 358 281 310 (1) Comparative Earnings 154 119 187 (1) Comparative EPS (Basic) ($) 0.32 0.25 0.39 Closing Net Cash
Slide 6: Comparative Operating Profit – Q1 2013 vs Q1 2012
COMPARATIVE OPERATING PROFIT – Q1 2013 VS Q1 2012 OVERVIEW OF RESULTS – Q1 2013 Lower Copper prices (Q1 2013 LME average $3.60/lb Kansanshi costs relatively stable between Price vs Q1 2012 $3.77/lb) combined with lower gold Other Cash quarters. Favourable at Guelb Moghrein due to prices (($1,633/oun
Slide 7: Copper C1 Cost
COPPER C1 COST OVERVIEW OF RESULTS – Q1 2013 Group Copper C1 within market guidance $/lb Q1 2013 Q1 2012 Q4 2012 Group 1.52 1.59 1.42 Kansanshi 1.55 1.54 1.45 Guelb Moghrein 1.43 1.84 1.13 Kevitsa 1.94 N/A 1.75 Las Cruces(2) 1.00 1.38 1.14 Cayeli (2) 0.93 0.76 0.57 Pyhasalmi(2) (0.55) 0.51 (1.62) Co
Slide 8: Nickel C1 Cost
NICKEL C1 COST OVERVIEW OF RESULTS – Q1 2013 Group Nickel C1 below $5.50 - $6.00/lb market guidance $/lb Q1 2013 Q1 2012 Q4 2012 Group 5.34 5.69 6.12 Ravensthorpe 5.36 5.69 6.05 Kevitsa 5.29 N/A 6.37 Commentary vs Q1 2012: (1) Ravensthorpe: lower refining charges reflecting a favourable sales mix to
Slide 9: Quarterly Net Cash Flow Movement
QUARTERLY NET CASH FLOW MOVEMENT OVERVIEW OF RESULTS – Q1 2013 $m Opening Net Debt at start of Quarter (88) EBITDA 310 Working Capital and other 80 Tax paid (25) Capital Expenditure (338) (1) Inmet Acquisition (2,118) Acquired net cash on Inmet balance sheet 1,385 Net Cash Movement (706) Closing Net
Slide 10: Market Guidance
MARKET GUIDANCE OVERVIEW OF RESULTS – Q1 2013 Copper guidance revised for new operations. Copper Production Nickel Production Gold Production Post (1) Full Year (2) Tonnes ('000) Full Year Ounces ('000) Full Year Tonnes ('000) Acquisiton proforma Kansanshi 250 - 270 250 - 270 Ravensthorpe 31 - 35 Ka
Slide 11: Market Guidance
MARKET GUIDANCE OVERVIEW OF RESULTS – Q1 2013 Copper C1 Cost guidance revised Nickel C1 Cost in line with guidance Copper C1 Cost Nickel C1 Cost $1.40 - $1.50 / lb $5.50 - $6.00 / lb Guidance for pre-acquisition First Quantum mines (Kansanshi, Nickel cash cost per lb of nickel unchanged. Guelb and K
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