First Quantum Minerals (TSE: FM) reported an 80.8% fall in quarterly comparable profit, hurt by lower copper prices and a rise in the miner’s costs as it ramped-up the Cobre Panama copper mine.
Comparative earnings for the fourth quarter ended Dec. 31 fell to $35 million, or 5 cents per share, from $182 million, or 26 cents per share, a year earlier.
First Quantum’s total copper production rose 29% to 204,270 tonnes.
“All our mines are operating well and in 2020 I look forward to the continued ramp up of Cobre Panama as well as bringing Ravensthorpe”
Philip Pascall, chairman and CEO
“2019 saw the Company achieve record production in Q4 and for the year overall. We are now well on our way to our goal of producing more than 800,000 tonnes of copper a year, expanding our geographies, making us one of the largest global copper producers with a highly competitive cost base,” said Philip Pascall, chairman and CEO.
“All our mines are operating well and in 2020 I look forward to the continued ramp up of Cobre Panama as well as bringing Ravensthorpe”, he said.
Ravensthorpe nickel mine in Perth was placed on care and maintenance following the suspension of operations in October of 2017. The closure saw almost 500 jobs lost.
(Files from Reuters)