First Quantum Minerals Limited has reported comparative earnings of US$128 million representing a zero point one cents per share on the Lusaka Stock Exchange (LuSE).
The net earnings has been attributed to shareholders of the Company of US$61 million and cash flows from operating activities of US$439 million for the three months ended September 30, 2018.
In its third quarter media report 2018 results posted on LuSE, the mining giant produced 151,241 tonnes of copper in the period under review.
The report indicates that copper production guidance for 2018 increased to 595,000 tonnes.
The report further shows that US$439 million of cash flows generated from operating activities indicating a sixty four cents per share during the quarter, an increase of 8% compared to the second quarter of 2018 and a 64% increase from the comparable prior year period.
The mine also says it continues to assess the potential impact on its Zambian operations and maintains a dialogue with Government following changes made to Mine Tax System.
And FQM Chief Executive Officer Philip Pascall says the company’s operations has continued to deliver in the third quarter relative to plan.
Mr. Pascall says the development of the Cobre Panama project progressed on schedule with some significant milestones achieved.
“Our financial results reflect the positive operational quarter, increased sales volumes and a higher realized copper price which was positively affected by our copper sales hedge program. The success in the quarter provided the opportunity to increase our copper and Zinc production guidance, slightly adjust our gold production expectation while maintaining our projected low unit cost of production,” he said.
He says the mine also remains on track to deliver significant production growth in the coming years with the development of Cobre Panama.