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First Quantum's net earnings down in 'difficult' first quarter

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First Quantum's net earnings down in 'difficult' first quarter FirstQuantum

- First Quantum , one of the world's largest copper miners, yesterday announced that its total copper production in Q1 2023 was 138,753 tonnes, a 33% decrease from Q4 2022 and a 24% decrease from Q1 2022.

The company added that its Q1 2023 gross profit of $280 million and EBITDA of $518 million were 22% and 20% lower, respectively, than the fourth quarter of last year due to lower metal sales volumes. First Quantum also reported Q1 2023 net earnings attributable to shareholders of the company of $75 million and adjusted earnings of $76 million .

For 2023, copper production is forecast to be 770,000 to 840,000 tonnes. Production is expected to recover for each of the next three quarters, particularly in the second half of the year. Copper C1 cash costs are guided to be $1.65 to $1.85 per lb. Capital cost guidance for 2023 is $1,600 million.

 

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