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First Quantum Minerals reports fourth quarter 2016 results

2017-02-17 11:18:30  【Print】
BEIJING (Asian Metal) 17 Feb 17 - On February 16, 2017, First Quantum Minerals Ltd.Asian Metal Copyright The Law 9 mining concession for Minera Panama SA, the Panamanian company that holds the Cobre Panama concession, was extended for a second 20-year term from March 1, 2017 to February 28, 2037.Asian Metal Copyright ("First Quantum" or the "Company") announced comparative earnings of $27 million and cash flows from continuing operating activities1 of $93 million for Q4 of 2016.Asian Metal Copyright The development of Cobre Panama continues on track for a phased commissioning in 2018 and continued ramp-up in 2019.Asian Metal Copyright For the full year 2016, comparative earnings amounted to $165 million and cash flows from operating activities to $914 million.

Fourth Quarter 2016 Highlights:
  • Commercial production was declared at Sentinel effective November 1, 2016. 
  • Copper production and sales of 146,101 tonnes and 136,265 tonnes, respectively. Total copper production includes production from Sentinel of 47,785 tonnes and 139,600 tonnes for the three and twelve months ended December 31, 2016, respectively.
  • The Kansanshi copper smelter recorded its highest quarterly throughput in its 18 months of commercial production at 314,399 tonnes of concentrate exceeding its design annual throughput rate of 1.Asian Metal Copyright2 million tonnes of concentrate, on an annualized basis.Asian Metal Copyright2 million tonnes of concentrate, on an annualized basis.
  • Copper production unit cost rose in the quarter.
  • Realized average prices for copper and nickel of $2.Asian Metal Copyright .Asian Metal Copyright18 per pound and $4.Asian Metal Copyright Declared a final dividend of CDN$0.Asian Metal Copyright50 per pound, respectively, were below the average LME prices.
  • Recorded impairments to exploration and other assets of $13 million.
  • .Asian Metal Copyright5;">Maintained a sound financial position with $713 million of committed undrawn facilities, $565 million in net unrestricted cash, $964 million of working capital and in full compliance with all financial covenants.
  • The Law 9 mining concession for Minera Panama SA, the Panamanian company that holds the Cobre Panama concession, was extended for a second 20-year term from March 1, 2017 to February 28, 2037.
  • The development of Cobre Panama continues on track for a phased commissioning in 2018 and continued ramp-up in 2019.
  • Declared a final dividend of CDN$0.Asian Metal Copyright005 per share, in respect of the financial year ended December 31, 2016.Asian Metal Copyright005 per share, in respect of the financial year ended December 31, 2016.Asian Metal Copyright .Asian Metal Copyright The final dividend together with the interim dividend of CDN$0.Asian Metal Copyright The Kansanshi copper smelter recorded its highest quarterly throughput in its 18 months of commercial production at 314,399 tonnes of concentrate exceeding its design annual throughput rate of 1.Asian Metal Copyright005 per share is a total of CDN$0.Asian Metal Copyright "First Quantum" or the "Company" announced comparative earnings of $27 million and cash flows from continuing operating activities1 of $93 million for Q4 of 2016.Asian Metal Copyright01 per share for the 2016 financial year.

.Asian Metal Copyright Fourth Quarter 2016 Highlights: Commercial production was declared at Sentinel effective November 1, 2016.Asian Metal Copyright

Copper Cathode

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China's low-oxygen copper rod producers' number (ratio) MoM inventory decrease statistics by province by month
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