First Quantum Minerals Reports Results for the Three Months Ended March 31, 2015
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/15 -- (In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) today announced a comparative loss(1) of $12 million or $0.02 per share and cash flows from operations, before changes in working capital and tax paid of $131 million for the three months ended March 31, 2015.
HIGHLIGHTS
(1) Earnings (loss) attributable to shareholders of the Company and EBITDA have been adjusted to exclude impacts which are not reflective of underlying performance to arrive at comparative earnings (loss) and comparative EBITDA. Comparative earnings (loss), comparative earnings (loss) per share, EBITDA and comparative EBITDA are not measures recognized under International Financial Reporting Standards ("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.
CEO''S COMMENTS
"We''re very pleased with the rapid ramp-up of the smelter which reflects the diligent work done throughout the planning and construction of the project to ensure this outcome. As a result, Kansanshi''s concentrate inventory is being reduced and sulphuric acid from the smelter is being used in the mine''s processing facilities in higher volumes and much earlier than anticipated in our operating plan," noted Philip Pascall, First Quantum''s Chairman and CEO.
"Likewise, the ramp-up of the Sentinel mine is steadily improving as the wet season in the region eases. Over the remainder of the year, we expect the Company''s total production and unit cost to reflect the benefits of having a dedicated smelter, Sentinel''s increasing production and the opportunity at Kansanshi to treat more mixed and oxide ores with free acid from the smelter.
"Kansanshi''s Q1 performance was in line with previously-provided guidance for 2015. In that guidance, we mentioned that the mine''s output was expected to be at its lowest for the year during Q1 because we intended to limit sulphuric acid consumption, and hence production, until free acid became available as a by-product from our smelter. The latter is now being realized. The good operating performance of our other mines is also notable. Besides Kansanshi and Ravensthorpe, which is recovering from the failure in one of its atmospheric leach tanks, all our other operations were cash positive and profitable for the quarter.
"At Cobre Panama, development of all aspects of the project is progressing as planned. The project is running well and we will continue to seek every opportunity to improve it further.
"With the uncertainty on prices for our main metals, we continue our efforts for the Company to withstand a period of prolonged lower metal prices while maintaining our ability to build future production. Sadly, among other initiatives, we have reduced our workforce in many areas of our Company. Such decisions, though not uncommon in our industry, are not easy ones. I wish to thank these past employees, as well as those continuing with us, for their service and contribution to First Quantum over the years," Mr. Pascall concluded.
FULL YEAR 2015 GUIDANCE
CONFERENCE CALL & WEBCAST
The Company will host a conference call and webcast to discuss the results on Friday May 1, 2015.
Conference call and webcast details are as follows:
The conference call replay will be available from 11:00 am (EDT) until 11:59 pm (EDT) on May 8, 2015.
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT''S DISCUSSION AND ANALYSIS
The complete unaudited consolidated financial statements and Management''s Discussion and Analysis for the three months ended March 31, 2015 are available at 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
12g3-2b-82-4461
Listed in Standard and Poor''s
For further information visit our website at
Cautionary statement on forward-looking information
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 securities laws. These forward-looking statements are principally included in the Development activities section and are also disclosed in other sections of the document. The forward looking statements include estimates, forecasts and statements as to the Company''s expectations of production and sales volumes, expected timing of completion of project development at Kansanshi, Sentinel, Enterprise and Cobre Panama, the impact of ore grades on future production, the potential of production disruptions, capital expenditure and mine production costs, the outcome of mine permitting, the outcome of legal proceedings which involve the Company, information with respect to the future price of copper, gold, cobalt, nickel, zinc, pyrite, PGE, and sulphuric acid, estimated mineral reserves and mineral resources, First Quantum''s exploration and development program, estimated future expenses, exploration and development capital requirements, the Company''s hedging policy, and 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 that 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, the Company has made numerous assumptions including among other things, assumptions about the price of copper, gold, nickel, zinc, pyrite, PGE, cobalt and sulphuric acid, anticipated costs and expenditures and the ability to achieve the Company''s goals. 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 the 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. These factors include, but are not limited to, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Spain, Turkey, Panama, Argentina and Australia, adverse weather conditions in Zambia, Finland, Spain, Turkey and Mauritania, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.
See the Company''s Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has 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 these factors are beyond First Quantum''s control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes 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 qualified by this cautionary statement.
Contacts:
First Quantum Minerals Ltd.
North American contact: Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
First Quantum Minerals Ltd.
United Kingdom contact: Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 1355637
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
VANCOUVER, BRITISH COLUMBIA
Phone:
Kategorie:
Mining & Metals
Anmerkungen:
Diese Pressemitteilung wurde bisher 207 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"First Quantum Minerals Reports Results for the Three Months Ended March 31, 2015
"
steht unter der journalistisch-redaktionellen Verantwortung von
First Quantum Minerals Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
