First Quantum Minerals has Posted a 115 Million United States Dollars Loss for the Fourth Quarter of Last Year, despite strong Operational Results, with the Mining Firm setting a New Quarterly Record for Copper Production Across the Group of 154,319 Tonnes.
First Quantum Minerals Subsidiary Sentinel Mine in Kalumbila District of North-Western Province Recorded its Highest Performance to Date, despite the onset of the Wet Season, While the Group’s Kansanshi Mine and Smelter in Solwezi both turned in Solid Results thanks to maintaining Low Unit Costs of Copper Production.
Despite the Production Increase, the Company Recorded a Net Loss from continuing Operations for the Quarter of 115 Million American Dollars, due in part to a 188 Million Dollars Loss realised under the Copper Sales Hedge Programme for which no Tax Credit was Available.
Company Chairman and Chief Executive Officer, Mr. Phillip Pascall said last Year was another Successful one for First Quantum.
FEBRUARY 14, 2018