NEW YORK First
Quantum Minerals Ltd.s earnings fell in the second
quarter following its Canadian $5.1-billion ($4.9-billion)
acquisition in April of Inmet Mining Corp. and the associated
Cobre Panama mining project.
Columbia-based First Quantum posted net income of $71.9 million
in the three months ended June 30, down 49.4 percent from $142
million in the same period last year despite a 20.4-percent
increase in sales to $869.3 million.
"At Cobre Panama
weve made very good progress," president Clive Newall
said during a conference call Aug. 1. "Our projects development
team is confident that by applying our steadier, more practical
approach, the project will deliver the kind of outcomes we
copper production totaled 103,694 tonnes in the second quarter,
up 43.7 percent from 72,184 tonnes a year earlier, chief
financial officer Hannes Meyer said during the call. The
company cited a combination of higher grades and recoveries at
its Guelb Moghrein copper and gold mine in Mauritania and its
Kevitsa nickel-copper-platinum project in Finland, and recent
expansions at its Kansanshi copper mine in Zambia.
Higher production was
offset by lower copper prices, Meyer said.
Comex high-grade spot
copper prices averaged $3.2516 per pound in the second quarter,
down 8.3 percent from $3.5457 a year earlier.