(Kitco News) - First Quantum Minerals (TSX: FM) yesterday reported Q4 2022 net earnings attributable to shareholders of the company of $117 million (Q4 2021: net earnings of $247 million) and adjusted earnings of $151 million (Q4 2021: adjusted earnings of $306 million).
For the full year 2022, the company reported net earnings attributable to shareholders of the company of $1,034 million (2021: net earnings of $832 million) and adjusted earnings of $1,064 million (2021: adjusted earnings of $826 million).
The company said that its total copper production for Q4 2022 was 206,007 tonnes, up from the 194,974 tonnes reported in Q3 2022 and up from the 201,823 tonnes reported in Q4 2021, as Kansanshi and Sentinel reported higher production and Cobre Panamá continued to achieve strong quarterly production.
Copper sales volumes in Q4 2022 totaled 198,912 tonnes, approximately 7,000 tonnes lower than production during the quarter due to timing of shipments, it added.
In 2022, the company reported copper production of 776kt, down 5% from 2021 (816kt) and within the 2022 revised guidance range of 755kt to 785kt. In 2022, First Quantum also produced 283koz of gold (2021: 312koz) and 22kt of nickel (2021: 17kt).
First Quantum also announced that its Board of Directors approved a final dividend of C$0.13 per share in respect of the financial year ending December 31, 2022. This, together with the interim dividend of C$0.16, makes a total of C$0.29 for the 2022 financial year.
"2022 can be summarized as a challenging year for First Quantum and the mining industry as a whole. The year was characterized by volatile commodity prices and rising costs and interest rates, creating a challenging macroeconomic environment. We remain focused on driving consistent operational performance, successful execution of our brownfield projects and discipline with our capital investments. Debt reduction continues to be a priority," commented CEO Tristan Pascall.
"I am grateful for the dedication of the entire team at First Quantum. It is with these efforts that First Quantum was able to navigate through the challenges in 2022," he added.
The company added that its three-year guidance on production, C1 cash costs, AISC and capital expenditures that was previously disclosed on January 16, 2023 remains unchanged.
For 2023, copper production is forecast to be 770,000 to 840,000 tonnes while copper C1 cash costs are guided to be $1.65 to $1.85 per lb. Capital cost guidance for 2023 is $1,600 million.
First Quantum is a senior global copper mining company. The company produces copper in the form of concentrate, cathode and anode, and has inventories of nickel, gold and cobalt. It operates long life mines in several countries and employs approximately 20,000 people world-wide.
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