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First Quantum's Q3 net earnings skyrocket on higher copper and gold production, lower costs

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- First Quantum Minerals , one of the largest copper producers globally, yesterday reported total copper production of 221,550 tonnes in Q3 2023, up 18% from Q2 2023 and up 14% from Q3 2022.

However, First Quantum noted that cash flows from operating activities of $594 million for the quarter were $125 million lower than Q2 2023 due mainly to unfavourable working capital movements. The company’s copper production guidance has been reduced to 745,000 - 775,000 tonnes , mainly attributable to Sentinel with production guidance reduced to 220,000 - 230,000 tonnes .

Commenting on the results, CEO Tristan Pascall said, “It was pleasing that production continued to improve during the third quarter at each of our three main copper operations. The ramp-up of the CP100 Expansion project is progressing well, allowing the Cobre Panamá mine to achieve another record in quarterly production. This continued strong performance, together with the recent finalization of the legal framework for the mine provides a solid foundation for Cobre Panamá's future.

 

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