(Kitco News) – First Quantum Minerals (TSX:FM), one of the largest copper producers globally, today reported that its total copper production was 205,064 tonnes in Q1 2021, an increase of 5% from Q1 2020 as a result of record production at Cobre Panama and consistent production in Zambia despite heavy rainfall.
The company said that Cobre Panama had record production of 82,042 tonnes, an increase of 46% from Q1 2020. Sentinel produced 58,252 tonnes, an increase of 3% from Q1 2020 despite repair work on the ball mill limiting throughput and the heavier rainfall in Zambia.
Cash cost was $1.24 per lb, and all-in sustaining cost was $1.72 per lb, a decrease of $0.06 and increase of $0.08, respectively from Q1 2020.
Total gold production was 78,048 ounces in Q1, an increase of 13% from Q1 2020, attributable to record production of 35,898 ounces at Cobre Panama.
Nickel production was 4,642 tonnes in Q1 at Ravensthorpe while construction of Shoemaker Levy continued to advance with the completion of 9 km of the conveyor including the erection of the conveyer highway overpass.
The company reported a gross profit of $540 million and comparative EBITDA of $811 million for the first quarter of 2021, which were significantly higher than the first quarter of 2020, attributable to increased sales volumes at Cobre Panama, lower cash costs and a 27% increase in the realized copper price to $3.25 per lb.
Sales revenues for the quarter were $1,678 million, an increase of $496 million or 42% from the comparable period of 2020 reflecting increased sales volumes, an increase in the realized copper price, and nickel sales of $29 million following the restart of Ravensthorpe.
The company’s comparative earnings were $150 million ($0.22 per share), net earnings attributable to shareholders of the company were $142 million ($0.21 per share) and cash flows from operating activities were $743 million ($1.08 per share).