First Quantum Minerals Reports Operational and Financial Results for the Three and Six Months Ended June 30, 2009
VANCOUVER, BRITISH COLUMBIA - Aug. 10, 2009
(All figures expressed in US dollars)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) (LSE:FQM) today announced its results for the three and six months ended June 30, 2009. The complete financial statements and management discussion and analysis are available for review at www.first-quantum.com and should be read in conjunction with this news release.
SECOND QUARTER HIGHLIGHTS
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14% increase in copper production resulting in a year to date increase of 16%, with increases at Kansanshi of 21%, Frontier of 18% and Guelb Moghrein of 6%
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18% increase in gold production resulting in a year to date increase of 72% due to modifications of the gold plants at Guelb Moghrein and Kansanshi in Q1
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24% reduction in the Q2 average cash unit cost of production (C1) due to cost saving initiatives, lower process input costs and higher gold credit; year to date reduction of 14%
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Net profit of $101.5 million and EPS of $1.31 despite significantly lower copper price year-over-year and a negative hedging adjustment of $52.7 million; EPS before derivatives was approximately $1.80
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Equity financing closed in Q2 raising gross proceeds of CAD$345 million
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6%, 5 year convertible bonds issued in Q2 for gross proceeds of USD$500 million
THIS PRESS RELEASE CONTAINS FINANCIALS STATEMENTS. TO VIEW FULL DOCUMENT, CLICK HERE.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
Listed in Standard and Poor's
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to future price of copper or gold, estimation of mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, and our goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements t hat certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper and gold, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
See our annual information form and our quarterly and annual management's discussion and analysis for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of the factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein, are qualif ied by this cautionary statement.
CONTACT INFORMATION:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
(604) 688-6577 or Toll Free: 1 (888) 688-6577
Fax: (604) 688-3818
sharon.loung@fqml.com
or
Renmark Financial Communications Inc.
Henri Perron: hperron@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com
Tel.: 514-939-3989 or 416-644-2020
www.renmarkfinancial.com
or
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
Fax: +44 140 327 3494
clive.newall@fqml.com
www.first-quantum.com
or
Hogarth Partnership Ltd.
Simon Hockridge
+44 (0) 20 7357 9477
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : FM.TO |
ISIN : CA3359341052 |
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First Quantum is a copper producing company based in Canada. First Quantum produces copper, cobalt and gold in Congo Dem. Rep. of, in Mauritania and in Zambia, develops cobalt, copper and nickel in Congo Dem. Rep. of and in Zambia, and holds various exploration projects in Peru. Its main assets in production are BWANA MKUBWA, KANSANSHI and MOPANI in Zambia, FRONTIER and KOLWEZI in Congo Dem. Rep. of and GUELB MOGHREIN in Mauritania, its main assets in development are KALUMBILA in Zambia and KOLWESI MUSONOI in Congo Dem. Rep. of and its main exploration properties are KEVITSA and KEVISTA in Finland, KIPUSHI in Congo Dem. Rep. of and HAQUIRA EAST and CRISTO DE LOS ANDES in Peru. First Quantum is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is 868.7 millions as of today (US$ 631.2 millions, € 577.1 millions). Its stock quote reached its lowest recent point on November 02, 2001 at 0.38, and its highest recent level on October 11, 2024 at 18.31. First Quantum has 47 442 200 shares outstanding. |