(Kitco News) - First Quantum (TSX: FM) today reported that its total copper production in Q2 2022 was 192,668 tonnes, a 6% increase from Q1 2022 (182,210 tonnes) and 4% decline from Q2 2021 (199,689 tonnes).
According to the company’s statement, the quarter-over-quarter increase in production was entirely attributable to Cobre Panama, which achieved quarterly records in mining volumes, throughput, and production.
However, at both Kansanshi and Sentinel, lower grades continued into Q2 2022, the company said, which contributed to lower copper production relative to the preceding quarter for both operations.
The company noted that copper C1 cash cost averaged $1.74 per lb in Q2 2022, up from $1.61 per lb in Q1 2022, adding that various inputs and operational costs continued to increase further during the second quarter.
First Quantum pointed out that its total copper production guidance for 2022 remains unchanged at 790,000 to 855,000 tonnes with full year production at Sentinel and Kansanshi expected to be towards the lower end of the guidance range.
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In Q2 2022, First Quantum reported net earnings attributable to shareholders of $419 million ($0.61 per share), compared to net earnings of $385 million in Q1 2022 and net earnings of $140 million in Q2 2021.
First Quantum also announced that its Board of Directors has approved an interim dividend of CDN$0.16 per share in respect of the financial year ending December 31, 2022. The dividend will be paid on September 20, 2022 to shareholders of record on August 29, 2022.
First Quantum is one of the world’s top 10 copper producers, exporting millions of tonnes of concentrate from multiple countries to customers worldwide. The company produces copper in the form of concentrate, cathode and anode, and has inventories of nickel, gold and cobalt.
