Make Kitco Your Homepage

First Quantum achieves record copper production, declares dividend

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - First Quantum Minerals (TSX:FM) today reported a comparative loss of $46 million ($0.07 per share), a net loss attributable to shareholders of $180 million ($0.26 per share) and cash flows from operating activities of $1,613 million ($2.34 per share) for the full-year 2020.

The company said that its total copper production was 778,911 tonnes for the full-year 2020, a 11% increase over 2019. Gold production was 265,112 ounces, including 84,667 ounces produced at Cobre Panama. Nickel production was 12,695 tonnes as Ravensthorpe continued to ramp up through the year after the re-start of operations in Q1 2020.

First Quantum also reported a $1,613 million cash flows from operating activities ($2.34 per share) generated for the full-year 2020, a $724 million increase from 2019.

The company ended the quarter and year with $914 million in net unrestricted cash and cash equivalents. Final dividend declared was CDN $0.005 per share in respect of the 2020 year-end; total dividends for the year totaled CDN $0.01.

Chairman and CEO Philip Pascall commented, “2020 was a very challenging and unprecedented year as a result of the COVID-19 pandemic. Despite the challenges, the company achieved its highest ever annual copper production. We expect our 2021 copper production to grow this year to more than 785,000 tonnes. This makes First Quantum one of the top global copper producers.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.