VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/06/13 -- (In United States dollars, tabular amounts in millions, except where noted)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) today announced its results for the three months ended March 31, 2013. The complete financial statements and management's discussion and analysis are available for review at www.first-quantum.com and should be read in conjunction with this news release.
First Quantum's President, Clive Newall, will host a conference call and live webcast to discuss the results on Tuesday, May 7, 2013 at 5:00 am (PDT); 8:00 am (EDT); 1:00 pm (BST). The call and webcast will be available on www.first-quantum.com and by dialing 416-340-2218 or toll free in North America on 866-226-1793.
First Quantum's results have been prepared in accordance with International Financial Reporting Standards ("IFRS").
SUMMARIZED OPERATING AND FINANCIAL RESULTS(1)
-------------------------------------(USD millions unless otherwise noted) Q1 2013 Q4 2012 Q1 2012--------------------------------------------------------------------------Copper production (tonnes) 79,308 84,918 65,869Copper sales (tonnes) 89,109 77,570 67,789Cash cost of copper production (C1)(2) (per lb) $1.52 $1.42 $1.59Realized copper price (per lb) $3.48 $3.46 $3.67Nickel production (contained tonnes) 11,072 10,096 8,573Nickel sales (contained tonnes) 11,048 8,081 5,332Cash cost of nickel production (C1)(2) (per lb) $5.34 $6.12 $5.69Realized nickel price (per payable lb) $7.80 $7.74 $8.85Gold production (ounces) 55,944 64,383 42,495Gold sales (ounces) 58,791 61,350 45,619--------------------------------------------------------------------------Sales revenues 901.2 774.6 728.7Gross profit 310.2 295.0 270.3EBITDA(2) 310.4 309.7 1,498.9Net earnings attributable to shareholders of the Company 112.4 186.7 1,336.9Earnings per share $0.23 $0.39 $2.82Diluted earnings per share $0.23 $0.39 $2.81--------------------------------------------------------------------------Comparative earnings(3) 153.8 186.7 119.0Comparative earnings per share(3) $0.32 $0.39 $0.25--------------------------------------------------------------------------(1) Results of operations and financial results in this section include theresults of the Cayeli mine (100%), the Las Cruces mine (100%), and thePyhasalmi mine (100%) from March 22, 2013, the date of acquisition. Theoperational review section below also includes historical results for thefull quarter for the acquired operations without adjustment for acquisitionaccounting. The non-controlling interest of 14.5% of net earnings relatingto shareholders of Inmet at March 31, 2013 are excluded from the netearnings attributable to the shareholders of the Company.(2) Cash costs (C1) and earnings before interest, tax, depreciation andamortization ("EBITDA") are not recognized under IFRS. See "RegulatoryDisclosures" for further information.(3) Earnings attributable to shareholders of the Company have been adjustedto remove the effect of unusual items to arrive at comparative earnings.Comparative earnings and comparative earnings per share are not measuresrecognized under IFRS and do not have a standardized meaning prescribed byIFRS. The Company has disclosed these measures to assist with theunderstanding of results and to provide further financial information aboutthe results to investors. See "Regulatory Disclosures" for a reconciliationof comparative earnings.
