Results for full year 2012
Copper production 16% higher than 2011; new annual production record set at Kansanshi
-- Copper production of 307,115 tonnes included record production at Kansanshi, primarily due to an increase in sulphide grades and throughput, and the contribution from Kevitsa which achieved commercial production in August 2012 following a successful commissioning and rapid ramp-up phase at the nickel and copper operation. This is the second project successfully commissioned by the Company during the past year.
Nickel production of 36,759 tonnes after first full year of production from Ravensthorpe
-- Results from the new nickel business included Ravensthorpe's first full year of production and the commencement of production from Kevitsa.
Gold production 15% higher than 2011
-- Gold production of 201,942 ounces resulting from gold circuit enhancements at Kansanshi which yielded higher recoveries and the first contribution from Kevitsa.
Copper production cash costs increased 6%
-- Average copper production cash cost of $1.49 per pound reflects a downward trend throughout the year as increased sulphuric acid cost was partially offset by higher by-product credits.
Sales revenues 14% higher than 2011
-- Sales revenues rose to $2,950.4 million from increased copper and gold sales volumes and commercial production at Ravensthorpe and Kevitsa. Positive volume contributions were partially offset by lower average realized copper prices.
Gross profit 16% lower than 2011
-- Gross profit of $1,101.0 million was negatively impacted by the 9% lower average realized copper price and inflationary increases in operating costs which outweighed higher sales volumes and the contribution from Ravensthorpe and Kevitsa.
Net earnings attributable to shareholders of the Company increased to $1,772.9 million
-- Earnings included a $1,217.9 million gain on disposal of Republique democratique du Congo ("RDC") residual claims and assets. 2012 comparative earnings were lower than 2011 predominately due to the lower year-over-year average realized copper price and inflationary cost pressures which were partially offset by the contribution from Ravensthorpe and Kevitsa.
Results for Q4 2012
-- Total copper production improved 26% over Q4 2011 with higher sulphide grades and higher throughput as a result of the continued expansion of the oxide circuit at Kansanshi, higher throughput rates at Guelb Moghrein and the contribution from Kevitsa.-- Total nickel production improved 78% over Q4 2011 with a full quarter of commercial production at both the Ravensthorpe and Kevitsa operations.-- Total gold production improved 48% over Q4 2011 with higher grades and recovery rates at Kansanshi together with the contribution from Kevitsa.
Copper production cash costs
-- Copper production cash costs decreased from Q4 2011 due to lower mining and freight costs and higher by-product credits.
-- Sales revenues increased by 37% from Q4 2011 with increased copper and gold sales volumes, higher average realized copper and gold prices and the contribution from Ravensthorpe and Kevitsa.
-- Q4 2012 gross profit of $295.0 million was 61% higher than Q4 2011 with higher sales volumes, higher average realized copper and gold prices, lower copper production cash costs and the contribution from Ravensthorpe and Kevitsa.