Credit: Shutterstock photoFirst Quantum Minerals Ltd. (FM.TO) today announced its results for the three months ended June 30, 2011. IT will pay an interim dividend of C$0.0533 per share in respect of the financial year ended December 31, 2011. The dividend will be paid on September 20, 2011 to shareholders of record on August 29, 2011. The ex-dividend date is August 25, 2011
Result highlights included a 51% increase in gross profit as the 41% higher net realized copper price more than offset the lower sales volume; 3% decrease in copper production from the Kansanshi and Guelb Moghrein mines due to maintenance-related downtime at both operations and the processing of low-grade, high acid consuming oxide ore at Kansanshi; continued strong cash position net of significant development capital investment and significant payments of taxes to the Zambia Revenue Authority. In its Operational outlook for 2011 it forecast production of 280,000 tonnes of copper and 190,000 ounces of gold. "A reduced outlook for the year reflects lower production to date as well as lower expected sulphide ore grades in the short-term at Kansanshi, lower acid availability in Zambia and plans for continued plant enhancement works at Guelb Moghrein," it said; Average C1 cost of $1.25 per pound of copper. "An increase in the forecasted C1 cost is a result of lower production, inflated input costs and increased waste stripping at Kansanshi as required for the planned plant expansions," it said. Nickel production to commence with the commissioning of the Ravensthorpe project in the second half of the year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
