PR Newswire
TORONTO, April 26, 2018
(In United States dollars, except where noted otherwise)
TORONTO, April 26, 2018 /PRNewswire/ - First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM") today reported comparative earnings1 of $49 million ($0.07 per share1), net earnings attributable to shareholders of the Company1 of $47 million ($0.07 per share) and cash flows from operating activities of $796 million ($1.16 per share1) for the three months ended March 31, 2018. The results include a $121 million loss realized under the copper sales hedge program for which no tax credit is available.
SUMMARY:
1 Net earnings (loss) attributable to shareholders of the Company has been adjusted to exclude items which are not reflective of underlying performance to arrive at comparative earnings (loss). Comparative earnings (loss), comparative earnings (loss) per share, comparative EBITDA and cash flows per share are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors. Refer to the "Regulatory Disclosures" section in the MD&A for the quarter ended March 31, 2018 for further information.
2 Production is presented on a copper contained basis, and is presented prior to processing through the Kansanshi smelter.
3 AISC, C1 and C3 costs per pound are not recognized under IFRS. Refer to the "Regulatory Disclosures" section in the MD&A for the quarter ended March 31, 2018 for further information.
CEO'S COMMENTS
"We are pleased with the quarter's results in all aspects of the Company. The solid performances at our Zambian operations are of particular note considering the severity of the seasonal rains," noted Philip Pascall, Chairman and CEO.
"With the reduction in our copper forward sales contracts, the value of maintaining our capital investment program through a challenging economic environment is becoming more visible. The significant turnaround in our financial results from a year ago is indicative of First Quantum's enhanced earnings and cash generating capability. This is expected to grow substantially when Cobre Panama begins commercial operations.
"While we had several successes in the quarter, we also had a few challenges. Such occurrences are not unexpected in the resource industry with the onset of improved commodity prices and sentiment. While this can be momentarily distracting, these matters do get resolved through open discussion and transparency which we are committed to," Mr. Pascall concluded.
OPERATING HIGHLIGHTS
| | | | Three months ended March 31 | ||
(U.S. dollars where applicable) | | | | 2018 | 2017 | |
| | | | | | |
COPPER | | | | | | |
- Production (tonnes) | | | | 145,358 | 132,356 | |
- Sales (tonnes) | | | | 138,021 | 139,810 | |
| | | | | | |
- Cost of production: | | | | | | |
| o AISC (per lb) | | | | $1.72 | $1.59 |
| o C1 (per lb) | | | | $1.27 | $1.26 |
| o C3 (per lb) | | | | $2.16 | $2.05 |
- Realized price (per lb) | | | | $2.74 | $2.20 | |
| | | | | | |
GOLD | | | | | | |
- Production (ounces) | | | | 45,929 | 50,579 | |
- Sales (ounces) | | | | 48,815 | 46,904 |
FINANCIAL HIGHLIGHTS
| Three months ended March 31 | |
(U.S. dollars millions, except where noted otherwise) | 2018 | 2017 |
| | |
Sales revenues | 885 | 766 |
Gross profit | 181 | 69 |
| | |
Net earnings (loss) attributable to shareholders of the Company | 47 | (114) |
Basic and diluted earnings (loss) per share | $0.07 | ($0.17) |
| | |
Comparative EBITDA | 363 | 265 |
Comparative earnings (loss) | 49 | (29) |
Comparative earnings (loss) per share | $0.07 | ($0.04) |
| | |
Cash flow from operating activities | 796 | 239 |
CONFERENCE CALL & WEBCAST
Conference call and webcast details are as follows:
Date: | April 27, 2018 |
Time: | 9:00 am (EDT); 2:00 pm (BST); 6:00 am (PDT) |
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Webcast: | |
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Dial in: | North America: (toll free) (877) 291-4570 |
| North America and international: 1 (647) 788-4919 |
| United Kingdom: (toll free) 0-800-051-7107 |
| |
Replay: | Available from noon (Eastern) on April 27, 2018 until 11:59 pm (Eastern) on May 11, 2018 |
| North America: (toll free) (800) 585-8367 |
| North America and international: 1 (416) 621-4642 |
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Passcode: | 1286336 |
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS
The complete consolidated financial statements and Management's Discussion and Analysis for the quarter ended March 31, 2018 are available at www.first-quantum.com and should be read in conjunction with this news release.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall
President
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