- Write by:
-
Friday, February 14, 2020 - 1:47:33 PM
-
678 Visit
-
Print
Mining News Pro - Canada`s First Quantum Minerals posted a surprise profit on Thursday, helped by higher sales and production, driven by a ramp-up of its Cobre Panama copper mine.
According to Mining News Pro - The company has been actively developing its Cobre Panama project, which started commercial production last September, with its final mill becoming operational in mid-December. Cobre is among Panama`s largest copper mines.
First Quantum last month strengthened its defence against a hostile takeover after China`s Jiangxi Copper became the miner`s largest shareholder with an 18% stake. The move followed talks between the companies for a potential sale of a minority interest in First Quantum`s Zambian assets.
The miner, which is scouting for strategic partners to develop new copper projects, has said it may team-up with Rio Tinto, to develop its Peru copper mine. First Quantum owns the Haquira deposit in the South American country, while Rio owns the La Granja porphyry copper project.
First Quantum`s average copper price realization fell 7.4% to $2.62/lb in the fourth quarter, as the metal`s demand fell, especially from top consumer China due to a prolonged Sino-US trade war.
Excluding items, the company earned 5c a share, while analysts had estimated a loss of 2c a share, according to IBES data from Refinitiv.
Short Link:
https://www.miningnews.ir/En/News/488037
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
No comments have been posted yet ...