NEW YORK First Quantum
Minerals Ltd.s earnings dipped in the first quarter due
to an increase in general and administrative costs related to
the companys acquisition of Inmet Mining Corp.
Columbia-based First Quantum posted net income attributable to
shareholders of $112.4 million, down 40 percent from $186.7
million in the fourth quarter of 2012 and well below nearly
$1.34 billion in the first three months of last year, when
earnings were considerably higher due to the companys
sale of assets in the Democratic Republic of the Congo (
amm.com, May 3, 2012).
First Quantums quarterly
sales increased 23.7 percent to $901.2 million as higher copper
and nickel sales volumes offset the impact of lower average
copper and nickel prices. The increase included $39.8 million
sales revenue from the companys Kevitsa
nickel-copper-platinum project in Finland and $29.8 million
from Inmets mining operations in Spain (Las Cruces),
Turkey (Çayeli) and Finland (Pyhäsalmi). First
Quantum completed the Canadian $5.1-billion acquisition of
Inmet in April (
amm.com, April 3).
Copper production totaled 79,308
tonnes in the first quarter, up 20.4 percent from 65,869 tonnes
a year earlier due to increased throughput at Kansanshi Mine in
Zambia and the addition of material from Inmets
operations, and sales rose 31.5 percent to 89,109 tonnes from
First-quarter nickel production jumped 29.1 percent to
11,072 tonnes from 8,573 tonnes a year ago, and sales more than
doubled to 11,048 tonnes from 5,332 tonnes.