- First Quantum Minerals (TSX:FM) reported positive Q3 profits due to higher sales volumes of copper and gold with stronger metal prices
- The company achieved a gross profit of US$456 million (US$123 million higher than Q2 2024) and EBITDA of US$520 million for Q3 2024
- The Canadian copper producer’s total copper production for the third quarter reached 116,088 tonnes, marking a 13 per cent increase from Q2 2024
- First Quantum Minerals stock last traded at C$18.37
First Quantum Minerals (TSX:FM) reported positive Q3 profits because of higher sales volumes of copper and gold with stronger metal prices.
The company achieved a gross profit of US$456 million (US$123 million higher than Q2 2024) and earnings before interest, taxes, depreciation and amortization (EBITDA) of US$520 million for Q3 2024. Net earnings attributable to shareholders stood at $0.13 per share, with adjusted earnings per share at $0.14.
Operational highlights
The Canadian copper producer’s total copper production for the third quarter reached 116,088 tonnes, marking a 13 per cent increase from Q2 2024. This boost in production was primarily driven by higher output at the Zambian operations.
Updated guidance
First Quantum Minerals has updated its guidance to reflect the year-to-date performance and the outlook for the remainder of the year. The copper production guidance has been narrowed to a range of 400,000-420,000 tonnes, up from the previous range of 370,000-420,000 tonnes. This adjustment is attributed to strong performances from the Kansanshi, Guelb Moghrein, and Cayeli operations. However, the guidance range for the Sentinel operation has been narrowed, with the upper end reduced based on performance to date.
Gold production guidance has also been revised upwards to 120,000-135,000 ounces from the earlier range of 95,000-115,000 ounces, reflecting higher grades experienced at Kansanshi. Meanwhile, nickel production guidance remains unchanged.
Leadership commentary
“While it is pleasing to see continued strong operational performance from the Zambian operations during the third quarter, this was marred by a tragic accident in September resulting in the death of a colleague at Kansanshi. We continue to support the family, and we remain committed to ensure the safety of our colleagues across the business. While ZESCO power restrictions continue, our Zambian team’s proactive actions have resulted in minimal production impacts. The S3 Expansion continues to make good progress for production in the second half of 2025,” First Quantum’s chief executive officer, Tristan Pascall, said in a news release. “In Panama, we continue to engage with local authorities for the approval of the Preservation and Safe Management program for Cobre Panamá. With Cobre Panamá remaining in a state of preservation and safe management and the ongoing capital expenditures related to the S3 Expansion, we are continuing efforts to maintain the strength of the balance sheet and, as such, additional hedges were added during the quarter.”
About First Quantum Minerals
First Quantum is a global copper producer in the form of concentrate, cathode and anode, with additional inventories of nickel, gold and cobalt. The company has been active in Panama for the past decade.
First Quantum Minerals stock (TSX:FM) last traded at C$18.37 and has risen 69.31 per cent since the year began.
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(Top photo: First Quantum Minerals)