First Quantum Minerals copper production up 2% from Q1
TORONTO – First Quantum Minerals reports results for the three months ended June 30, 2024 of a net loss attributable to shareholders of the Company of $46 million and an adjusted loss of $13 million.
“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.”
In Q2 2024, First Quantum reported gross profit of $333 million, EBITDA of $336 million, a net loss attributable to shareholders of $0.06 per share, and an adjusted loss per share 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 vessel delays. Copper C1 cash cost3 was $1.73 per lb in the second quarter, benefiting from strong by-product gold credits. Enterprise declared commercial production as of June 1, 2024.
2024 guidance remains unchanged for copper and gold production, while nickel production has narrowed to reflect year-to-date production at Ravensthorpe. Copper unit cost guidance remains unchanged.
