First Quantum net earnings rocket in Q1 on ENRC settlement

May 03, 2012 | 07:40 AM |

First Quantum Minerals’ net earnings for the three months ended March 31 soared to $1.36 billion from $253.2 million in the corresponding period last year, following the sale of its Democratic Republic of Congo (DRC) assets to ENRC. On March 2, the company completed the settlement of claims and the sale to ENRC for a total of $1.25 billion. A total of $750 million was paid to First Quantum at the time, and another $500 million will be paid on March 2 2015.....

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