First Quantum Minerals has increased its copper production guidance range to 750,000-785,000mt from its previous guidance of 725,000-770,000mt, and reduced its nickel guidance to 13,000-15,000mt from pervious 15,000-17,000mt.
This increased copper guidance is a reflection of lower operating costs, lower fuel prices, cost control measures undertaken by the company, and favorable foreign exchange rates. However, this guidance is subject to change as uncertainty around the COVID-19 pandemic still prevails.
The Canadian firm’s copper production in the first nine months of the year rose to 575,740mt from 497,878mt during the same period in 2019, and its copper output in last quarter rose to 211,396mt from 192,510mt in Q3 2019.
First Quantum’s copper sales in the January-September period was 547,430mt, increasing from 483,422mt during the prior-year period. Its sales in the third quarter of the year fell to 197,533mt from 203,827mt in Q3 2019.
First Quantum’s sales revenue in the January-September period was $3,598mn, increasing from $2,783mn in the first nine months of 2019. The firm’s sales revenue in the third quarter of the year rose to $1,402mn from $987mn in the same quarter in 2019.
The company’s comparative EBITDA during the nine-month period rose to $1,427mn from $1,098mn during the same period in 2019, and its comparative EBITDA in Q3 2020 grew to $641mn from $354mn in Q3 2019. First Quantum’s gross profit in the first nine months of 2020 was $634mn, up from $531mn in the January-September period in 2019, while its gross profit in the third quarter of this year surged to $346mn from $150mn in Q3 2019.