First Quantum Minerals Reports Operational and Financial Results for the Three and Six Months Ended June 30, 2012
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/01/12 -- First Quantum Minerals Ltd. (TSX: FM)(LSE: FQM) -
(In United States dollars, tabular amounts in millions, except where noted)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") today announced its results for the three and six months ended June 30, 2012. The complete financial statements and management's discussion and analysis are available for review at 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 Thursday, August 2, 2012 at 6:00 am (PST); 9:00 am (EST); 2:00 pm (BST). The call and webcast will be available on and by dialing 416-340-9432or toll free in North America on 877-240-9772.
First Quantum's results have been prepared in accordance with International Financial Reporting Standards ("IFRS").
Overall copper production was 11% higher than Q2 2011 on increased throughput and grade
Ravensthorpe follows successful commencement of operations with another strong quarter in Q2 2012
Year-over-year comparative earnings impacted by lower average realized copper price
Kevitsa first production achieved in Q2 2012; commercial production on track for Q3 2012
Development projects progressing
Strong financial position maintained to finance development projects
Operational outlook for 2012
OPERATIONS
Copper production increased by 12% from Q2 2011 due to higher ore grade and throughput in Q2 2012. The ongoing mine pit development work has increased the availability of sulphide ore and allowed for the reconfiguration of the sulphide and mixed circuits in May 2012. The circuit capacity for sulphide and mixed ore treatment is now approximately 12 Mtpa and 6.5 Mtpa, respectively.
Sulphide ore grade processed improved significantly from Q2 2011 due to the exposure of additional sulphide ore faces at target grades. In Q2 2012, the temporarily interchanged sulphide and mixed circuits had offsetting variances in throughput in comparison to Q2 2011. The combined mixed and sulphide circuit throughput was consistent with Q2 2011.
The mixed ore circuit benefited from improved grades and recoveries in Q2 2012. Following the circuit interchange, the reduced throughput on the mixed ore circuit allowed longer residence time in flotation resulting in improved recoveries.
Copper production from the oxide circuit was in-line with Q2 2011 as increased throughput was offset by lower ore grade and recovery. The recent incorporation of elements of the 7.2 Mtpa oxide expansion improved plant availability and utilization in the quarter. The availability of locally-sourced sulphuric acid remained a constraint on the grade and tonnes of oxide ore processed in the current period.
Gold production was 11% higher than Q2 2011 due primarily to improved recovery. The continued gold circuit enhancements and improvements have resulted in a higher proportion of gold recovered in dore, which is not subject to the smelter deductions applied to gold recovered in concentrate.
Q2 2012 C1 costs increased by $0.11/lb from Q2 2011. Inflationary pressures have resulted in cost increases for sulphuric acid and some consumables. These increases were largely offset by the unit cost effect of 12% higher production in Q2 2012. Realization costs were $0.05/lb higher than Q2 2011 due to a higher proportion of concentrate sales during the period.
Gross profit was lower than Q2 2011 due primarily to lower realized copper prices, offset partially by higher sales volumes in Q2 2012.
Outlook
The main areas of focus are on sulphuric acid supply and increasing the flexibility of ore sources for the three circuits. Available mining areas have increased as planned with several new areas in the main and north-west pits now providing ore. Further improvements are anticipated with additional plant operational efficiency and flexibility afforded by multiple concurrent mining areas.
The full benefit of the 7.2 Mtpa upgrade is expected to be realized in Q4 2012, coinciding with the commissioning of the fifth acid plant. The additional leach and CCD capacity in the oxide process circuit is expected to contribute to maximizing output from available ore resource through improved recovery, as well as providing the capacity to efficiently operate at higher treatment rates.
All parties involved in the Q1 2012 labour dispute continue to be engaged in a legal process aimed at resolving the differences.
Copper production increased 3% over Q2 2011 due to 19% higher throughput. Partially offsetting the higher throughput were lower ore grades and recoveries. The better throughput performance in 2012 to date is a result of the mill optimization works and improved blast fragmentation aimed at achieving steady state operations. Copper grades in 2012 reflect the current ore profile in the pit and are expected to remain at these levels in the future.
Gold production was consistent with Q2 2011 as the increase in throughput was offset by reduced gold recovery in Q2 2012.
Cash cost of production was slightly lower than Q2 2011 as an increased gold credit outweighed increases in cash operating costs in Q2 2012. The gold credit was higher as a result of increased gold sales volumes and prices in Q2 2012. Operating costs have increased from Q2 2011 due to increased costs for personnel, maintenance, consumables and due to the unit cost impact of processing lower grade ore.
Gross profit was lower than Q2 2011 as a result of lower realized copper prices and higher operating costs, offset partially by increased metal sales volumes and a higher realized gold price.
Outlook
Process plant enhancements continue with a focus on consistent operation at steady state to maximize product recovery and concentrate quality. An additional mill from the mothballed Bwana Mkubwa copper plant is planned to be installed in Q4 2012 to stabilize milling at targeted throughput rates. Additional mining equipment, to facilitate higher mine production rates, is planned for commissioning in Q4 2012.
Operations were temporarily suspended and 12 production days were lost following an illegal strike action by some unionized employees in July. The majority of the workforce has returned to work and operations have resumed. The Company continues to work through a government-facilitated mediation process to resolve the differences with the unions.
Q2 2012 nickel production was in-line with plan as a result of steady state operation of the complete circuit. Crushing plants and ore beneficiation continue to operate above plan and ore supply from the buffer ponds are allowing for scheduled maintenance activities to be undertaken without full plant shutdowns.
In-pit mining commenced in April and the first drill and blast activity occurred at the end of May. Ore feed to the crusher circuit was sourced exclusively from the mine-pit by the end of Q2 2012.
Nickel cash costs per payable pound were lower than plan due to lower diesel and sulphur costs incurred. The consistent operation of the sulphuric acid plant provided for sufficient and stable power generation for the operation, resulting in reduced diesel power generation and cost in Q2 2012. Sulphur costs were also lower than plan as a result of a reduction in global prices and lower consumption.
Outlook
Circuit developments and enhancements for the remainder of 2012 include a focus on improved blending of ore to ensure consistent beneficiation recovery rates and leach feed material, and installation of equipment in the beneficiation area during Q3 2012 to improve flocculent consumption. Continued optimization in this area is expected to result in significant savings.
Various options are also being explored to improve the payable nickel content in order to increase revenue from sales.
DEVELOPMENT ACTIVITIES
Kevitsa nickel/copper/PGE project, Finland
Commissioning of the plant has progressed well, with the plant running consistently and ramping up. The first concentrate was produced on May 26, 2012. Early indications are that all major processing components, the primary crusher, secondary crusher, mills, primary screen, conveyors and flotation cells are all performing well and have the capacity to operate above the approved annual throughput rate. The transition from first ore feed, to steady state production of copper and nickel concentrate is ongoing. The mining fleet is operating as expected through the top layers of weathered rock and into the more competent material below.
During the commissioning phase in Q2 2012, Kevitsa produced 642 tonnes of copper, 121 tonnes of nickel and 482 ounces of gold.
At the current approved throughput rate of 5.5 Mtpa, Kevitsa is expected to produce approximately 11,000 tonnes of nickel and 20,000 tonnes of copper annually. The Company has submitted an environmental assessment and application to increase the plant throughput rate up to a maximum of 10 Mtpa. Liaison with the relevant authorities is in progress and approval is expected in the first half of 2013. With the current estimated measured and indicated resource, the increased throughput rate is expected to increase annual production to approximately 15,000 tonnes of nickel and 28,000 to 30,000 tonnes of copper while retaining a mine life in excess of 20 years.
Kansanshi expansions, Zambia
The multi-stage Kansanshi plant upgrade to an annual production capacity of 400,000 tonnes of copper continued in Q2 2012. Mechanical construction for the oxide circuit 7.2 Mtpa upgrade is complete. Optimization of the new circuit elements is planned for Q3 2012. The milling circuit configuration changes to increase mill throughput rates to 7.2 Mtpa is planned to be implemented once acid supply is increased through the operation of the fifth acid plant which is currently under construction and on track for commissioning at the end of Q3 2012.
Progress on the stage two oxide capacity expansion to 14.5 Mtpa continued with earthworks and civil works progressing well and mechanical construction of CCDs commenced. Completion remains on target for the first half of 2013. Acid supply will dictate the rate of oxide treatment until the smelter is commissioned in mid-2014, however the output of the five acid plants as well as the current volume of acid that can be externally sourced will allow for interim treatment rates of approximately 10 Mtpa.
The second phase of the 400,000 tonne annual production capacity expansion project is a proposed expansion of the sulphide treatment facilities by construction of a new section of plant capable of treating 16 Mtpa of sulphide ore. Construction of this new plant is expected to occur in two stages depending on ore grades. Project commitment is expected in Q4 2012 following completion of the resource definition drilling program, which is necessary for detailed mine planning.
Copper smelter project, Zambia
Kansanshi's concentrate is currently treated at smelters in Zambia, however, existing domestic smelting capacity will be insufficient to process the substantial increase in production resulting from the Kansanshi expansion and the Sentinel project. The new copper smelter will be designed to process 1.2 million tonnes of concentrate to produce over 300,000 tonnes of copper metal annually. The smelter is expected to also produce 1.0 million tonnes of sulphuric acid as a by-product at a low cost which will benefit Kansanshi by allowing the treatment of high acid-consuming oxide ores and the leaching of some mixed ores. The additional acid is also expected to optimize the expansion of the oxide leach facilities and allow improved recoveries of leachable minerals in material now classified and treated as mixed ore.
Detailed design works on the smelter continued in Q2 2012. Subject to environmental approval, the overall project is scheduled for construction completion in mid-2014 followed by commissioning and ramp up.
Sentinel project, Zambia
A mineral resource and reserve estimate for the Sentinel copper project was released in March 2012. An estimated measured and indicated resource of 1,027 Mt at 0.51% copper grade, containing 5.2 Mt of copper has been delineated, inclusive of an estimated recoverable proven and probable mineral reserve of 774 Mt at 0.50% copper grade, containing 3.9 Mt of copper. The life of mine strip ratio is anticipated to be 2.2:1 and the estimated mine life is in excess of 15 years.
The project is expected to produce up to 280,000 to 300,000 tonnes of copper in concentrate annually.
The Company received a written confirmation of an offer from Zambia Electricity Supply Corporation Limited ("Zesco"), for the connection and supply of power to the Sentinel copper project at a mutually-agreeable electricity tariff level. The Company's Board of Directors has accepted these commercial terms in principle and as a result, has formally approved the construction of the project on May 9, 2012, which was followed by a ramp up of project activities. Detailed design works are progressing well and numerous equipment commitments, including long-lead mining fleet orders, are now in place. Site establishment and construction works are in progress, with an access road, airstrip and construction camp completed. Project capital costs are estimated at approximately $1.7 billion with project completion expected during 2014.
Exploration
Exploration programs continued at a high level in most districts with major drilling campaigns active at Trident and Kansanshi.
Trident
A resource definition program on the main Enterprise nickel target is nearing completion. Geological modelling and resource estimation is planned in Q3 2012. Metallurgical test work is continuing and preliminary results show good recoveries of nickel sulphides generating a high grade nickel concentrate, especially in the central 'millerite' zone. Further metallurgical holes are planned to assess the variability of the mineralization throughout the deposit.
Drilling on extensions of Enterprise in Q2 2012 defined a new zone of mineralization at "Enterprise Southwest". Although thinner and lower grade than the main Enterprise mineralization the new zone demonstrates potential for additional tonnage over a further 600 metres of strike length.
Kansanshi
At Kansanshi, 18 core rigs continued operating divided between incremental resource and reserve additions immediately around the existing pits and the district exploration program. These programs are designed to provide enhanced definition of longer term oxide and sulphide resource potential as well as to test the ultimate extents of the mineral system.
Eight rigs are active on near-mine resource definition. During Q2 2012, encouraging results were returned from drilling around both the NW pit and Main pit, with strong intercepts of veins well beyond the currently defined resource limits. A deep hole to 1,000 metres below the centre of the Main pit reported some extensive low grade mineralization in stratigraphy well below the current pit model.
Ten rigs were active on exploration drilling around Kansanshi. Resource drilling of the Southeast Dome prospect was largely completed during the period and resource modeling and estimation is in progress. A prospective new buried dome was located at 'Rocky Hill' between the Southeast Dome and Main pit and is currently the focus of systematic drill testing. Further prospective dome targets are under investigation by regional drilling.
Finland
Near mine drilling during the period has focused on the separate Satovaara intrusive body south of Kevitsa where limited intercepts of chalcopyrite copper mineralization continue to be returned on the contact of the intrusion.
An extensive drilling program using shallow scout drills and diamond core drills continues to test the large suite of magnetic and geochemical targets defined in the area north and west of Kevitsa. Several targets have encountered magmatic sulphides including limited intercepts of massive sulphide mineralization grading up to 2.4% nickel. Follow up drilling and ground geophysics is planned to look for thicker mineralization. Shallow drilling has commenced on the 'Bonanza' target north east of Kevitsa where strong copper, gold and nickel grades are reported in surface geochemistry.
Long delays in granting of exploration permits in Finland together with changes to the access permissions in state forests have combined to significantly impede exploration drilling over large areas.
Peru
Exploration drilling at Haquira has been suspended since January. Planned recommencement of drilling after the wet season has not been possible due to delays in the granting of drilling and environmental permits. A permit for drilling at Cristo de los Andes was received in June and permitting for Haquira is expected shortly. Six or more rigs are expected to be active during Q3 2012 with the emphasis on testing extensions of Haquira and satellite targets identified in recent magnetic and surface geochemical surveys.
Several new regional prospects are under evaluation in southern Peru. Access to a large land package 40 kilometres east of Haquira was secured via an agreement with Zincore Metals Inc. ("Zincore"). First Quantum has acquired 19.9% of Zincore, and 60% of the invested proceeds will be used for regional exploration. In addition, First Quantum has taken an option to earn 75% of Zincore's early stage Dolores copper porphyry prospect.
Mauritania & West Africa
Five targets in Guelb Moghrein district were tested during the period. One target at 'Bull' returned low grade copper mineralization over 20 metres and requires follow up drilling. A specialized drill track-mounted rig is being mobilized to site to conduct resource drilling of the Oriental Hill copper-gold mineralization.
Reconnaissance exploration including mapping and geochemical sampling continued on mafic hosted Ni-Cu-PGE targets in Cote d'Ivoire, Burkina Faso and Mali as part of a strategic alliance with Newgenco. Permit applications are pending for new projects in Cote d'Ivoire and Burkina Faso.
SALES REVENUES
Q2 2012 total sales revenues from continuing operations were 9% higher than the prior year period due to the contribution of $129.9 million of revenues from Ravensthorpe, offset by an 11% lower average copper price and lower corporate revenues.
The Company's revenues are recognized at provisional prices when title passes to the customer. Subsequent adjustments for final pricing are materially offset by derivative adjustments and shown on a net basis in cost of sales (see "Hedging Program" for further discussion).
The LME copper price averaged $3.57/lb for the quarter, a decrease of $0.58/lb from the average for Q2 2011. Copper experienced a downward price shift from the middle of April on what was perceived as disappointing Chinese trade and economic data. Prices came under additional pressure amid the Euro zone sovereign debt crisis which led to a broader sell off across the LME metals at the end of May. June saw the release of further downbeat Chinese data. Later in June a cut in Chinese interest rates pulled prices back up towards $3.40/lb.
The LME nickel price averaged $7.78/lb for the quarter, a decrease of $3.18/lb from the average for Q2 2011.The European stainless industry remains cautious with the regional economic situation sustaining bearish sentiment and high levels of risk aversion. Demand for stainless in China also remains weak with many of the largest mills making greater cuts in Q2 production rates than had previously been reported or anticipated.
SUMMARY FINANCIAL RESULTS
Exploration expense increased from Q2 2011 as increased activity in Finland and at Kansanshi outweighed lower activity in Peru during the period. Exploration expenses incurred at Enterprise in 2012 are consistent with expenses incurred at the Sentinel project in 2011. Q2 2012 exploration expenses comprise primarily;
General and administrative costs increased marginally from Q2 2011 as a reduction in legal costs related to 2011 Republique democratique du Congo ("RDC") matters were outweighed by an increase in personnel costs driven by an increased complement of employees to develop and manage the Company's expanded pipeline of projects.
On January 5, 2012, the Company reached an agreement with ENRC to dispose of its residual claims and assets in respect of the Kolwezi Tailings project, and the Frontier and Lonshi mines and related exploration interests, all located in the Katanga Province of the RDC and to settle all current legal matters relating to these interests for a total consideration of $1.25 billion. The transaction was completed on March 2, 2012. The total consideration was comprised of $750.0 million, paid on March 2, 2012, together with a deferred consideration of $500.0 million in the form of a 3-year Promissory Note with an interest coupon of 3% payable annually in arrears. Under the terms of the acquisition, ENRC acquired, with certain limited exceptions, all of First Quantum's assets and property either physically located within the RDC or relating to the operations formerly carried out by First Quantum and its subsidiaries in the RDC. In connection with the transaction, First Quantum, ENRC, the RDC Government, International Finance Corporation and Industrial Development Corporation have also settled all disputes relating to the companies being sold and their assets and operations in the RDC and each of First Quantum, ENRC, the RDC Government, International Finance Corporation and Industrial Development Corporation have released one another in respect of all claims and judgments relating to the foregoing or to any other matter arising in the RDC on or before the date of closing.
The $1,217.9 million gain recognized on the disposal includes the fair value of proceeds received, net of transaction costs and the underlying net liabilities of subsidiaries disposed of.
The Q2 2012 effective income tax rate was 32% of earnings before taxes. Kansanshi's effective tax rate was impacted by the treatment of hedging activities in Zambia. During Q1 2012, Kansanshi's hedging losses were not allowed as a deduction against operating income, resulting in a higher effective tax rate. In Q2 2012, these hedging losses were largely reversed, and accordingly the periodic gain did not have a corresponding tax effect, resulting in a lower effective tax rate in Q2 2012.
Following the completion of its tax holiday in Mauritania on February 19, 2012, Guelb Moghrein is now subject to Mauritanian income taxes at a rate of 25%.
LIQUIDITY AND CAPITAL RESOURCES
Operating cash flows before changes in working capital were comparable with Q2 2011 as lower net earnings included higher non-cash expenses in Q2 2012. The prior quarter working capital movements were impacted by a payment of $347.0 million in Zambian taxes, which resulted in negative cash flows after changes in working capital.
Cash flows from financing activities comprise primarily of dividend payments made to shareholders of the Company and non-controlling interests of $61.4 million and $15.8 million, respectively. Total dividends paid in Q2 2012 increased by 27% from Q2 2011.
Capital expenditure for property, plant and equipment totaled $310.6 million in Q2 2012 which comprised primarily of;
Proceeds from settlement of RDC claims and sale of assets represents the net cash proceeds received during Q1 2012. The $500.0 million promissory note is receivable on March 2, 2015.
As at June 30, 2012, the Company had the following contractual obligations outstanding:
Total commitments of $892.6 million comprise primarily of capital expenditure for property, plant and equipment related to the development of Sentinel, upgrades at Kansanshi and other projects.
The significant capital expansion and development program is expected to be funded using available cash and debt facilities. Currently the $250.0 million Kevitsa debt facility and $1.0 billion Kansanshi senior term and revolving facility are undrawn and available for drawdown. The Company's working capital, together with future cash flows from operations and available debt facilities is expected to be sufficient to fund the Company's committed and planned capital expansion and development programs.
Hedging program
As at June 30, 2012, the following derivative positions were outstanding:
a) Provisional pricing and derivative contracts
A portion of the Company's metal sales is sold on a provisional pricing basis whereby sales are recognized at prevailing metal prices when title transfers to the customer and final pricing is not determined until a subsequent date, typically two months later. The difference between final price and provisional invoice price is recognized in net earnings. In order to mitigate the impact of these adjustments on net earnings, the Company enters into derivative contracts to directly offset the pricing exposure on the provisionally priced contracts. The provisional pricing gains or losses and offsetting derivative gains or losses are both recognized as a component of cost of sales. Derivative assets are presented in other assets and derivative liabilities are presented in other liabilities with the exception of copper, gold and nickel embedded derivatives which are included within accounts receivable.
As at June 30, 2012, substantially all of the Company's metal sales contracts subject to pricing adjustments were hedged by offsetting derivative contracts.
EQUITY
At the date of this report, the Company has 476,310,282 shares outstanding. There were no changes in common shares outstanding during Q2 2012.
OTHER ITEMS
Zambian taxation
The Government of the Republic of Zambia ("GRZ") announced in January 2008 a number of proposed changes to the tax regime in the country in relation to mining companies. The Company, through its Zambian subsidiaries, is party to Development Agreements with the GRZ for its existing operations which provide an express right to full and fair compensation for any loss, damages or costs (including interest) incurred by the Company by reason of the government's failure to comply with the tax stability guarantees set out in the Development Agreements and rights of international arbitration in the event of any dispute. The Company's Zambian subsidiaries have complied with the GRZ's new tax regime without prejudice to its rights under the Development Agreement.
Following the change of government in 2011, the first Budget of the new government introduced a further increase in the mineral royalty tax from 3% to 6%, effective April 2012, in breach of the Development Agreements.
Until resolved differently with the GRZ, the Company is recognizing and paying taxes in excess of the Development Agreement, resulting in an effective tax rate of approximately 43% at Kansanshi.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
12g3-2b-82-4461 Listed in Standard and Poor's
For further information visit our web site at .
Forward-Looking Statements
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. These forward-looking statements are principally included in the Development activities section and are also disclosed in other sections of the document. The forward looking statements include estimates, forecasts and statements as to the Company's expectations of production and sales volumes, expected timing of completion of project development at Kansanshi, Kevitsa and Sentinel, the impact of ore grades on future production, the potential of production disruptions, capital expenditure and mine production costs, the outcome of mine permitting, the outcome of legal proceedings which involve the Company in the RDC and other countries, information with respect to the future price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, estimated mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, and our goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper, gold, nickel, PGE, cobalt and sulphuric acid, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland and Australia, adverse weather conditions in Zambia, Finland and Mauritania, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, the production of off-spec material.
See our Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of these factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein are qualified by this cautionary statement.
The accompanying notes are an integral part of these consolidated financial statements.
For a copy of the notes visit the Company's website at .
The accompanying notes are an integral part of these consolidated financial statements.
For a copy of the notes visit the Company's website at .
The accompanying notes are an integral part of these consolidated financial statements.
For a copy of the notes visit the Company's website at .
The accompanying notes are an integral part of these consolidated financial statements.
For a copy of the notes visit the Company's website at .
The accompanying notes are an integral part of these consolidated financial statements.
For a copy of the notes visit the Company's website at .
Contacts:
First Quantum Minerals Ltd. - North American contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
First Quantum Minerals Ltd. - United Kingdom contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
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Datum: 01.08.2012 - 21:00 Uhr
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