(Adds analyst expectations, detail on production)
July 30 Canadian base metal miner First Quantum
Minerals Ltd reported higher second quarter earnings on
Wednesday as copper sales increased, but the result was slightly
below analysts' expectations.
First Quantum produced 107,808 tonnes of copper in the
quarter, up 4 percent from the same period a year ago, and
copper sales jumped 20 percent to 114,449 tonnes. Nickel
production rose 12 percent to 12,223 tonnes.
The Vancouver-based company, which primarily mines copper
but also produces nickel and gold, said earnings attributable to
shareholders rose to $133.6 million, or 23 cents a share, in the
second quarter, from $71.9 million, or 12 cents, a year earlier.
Sales revenues rose to $945.1 million from $869.3 million.
Excluding unusual items, earnings in the year-earlier
quarter were $103.6 million, or 18 cents a share.
The company, which took over rival Inmet Mining last year,
gaining control of the huge Cobre Panama project, is poised to
become one of the world's largest copper producers over the next
five years, with a number of projects, including Cobre Panama in
Central America, set to begin production.
Analysts, on average, had expected First Quantum to report
earnings of 26 cents a share, according to Thomson Reuters
(Reporting by Allison Martell in Toronto; Editing by Tom Brown
and Andre Grenon)