First Quantum Minerals Reports Results for Three Months and Year Ended December 31, 2014
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/20/15 -- (In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or "the Company") (TSX: FM)(LSE: FQM) today announced comparative earnings(1) of $76.9 million or $0.13 per share for the three months ended December 31, 2014 and $474.5 million or $0.80 per share for the full year 2014. Cash flows from operations, before working capital changes and tax paid, amounted to $263.1 million for the three months ended December 31, 2014 and $1,361.6 million for the full year 2014.
YEAR 2014 HIGHLIGHTS(2)
(1) Earnings attributable to shareholders of the Company have been adjusted to remove the effect of unusual items to arrive at comparative earnings. Comparative earnings and comparative earnings per share are not measures recognized under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors.
(2) Results are compared to the full year 2013, unless noted otherwise.
CEO'S COMMENTS
"In 2014 we made good progress towards our target of achieving annual copper production capacity of 1.3 million tonnes. A meaningful part of that progress was the construction completion and start of commissioning of the smelter and Sentinel projects in Zambia. These two assets, together with our Kansanshi mine, will create an integrated copper complex with unique synergies. At the Cobre Panama project, the substantial earthworks component was well advanced and the overall project is progressing according to schedule," noted Philip Pascall, First Quantum's CEO and Chairman.
"Overall our operations performed well in 2014 recording the highest annual copper production in the Company's history. This was achieved despite persisting limited local smelter capacity in Zambia which affected Kansanshi's performance and sales; and a structural failure in an atmospheric leach tank at Ravensthorpe which suspended operations there in mid-December. Following site remediation and receipt of the required regulatory approvals, the restart of the high-pressure acid leach circuit began on February 2. We expect to complete the repairs of the atmospheric leach circuit and return it to operations in the second half of 2015.
"As we noted previously, concerns about the global economy and demand for natural resources have put pressure on many aspects of the Company and on others in the natural resource sector. Our previously-announced reduction in planned capital expenditures for 2015 is a substantial step in addressing some of those pressures. While we believe the strong long-term fundamentals for copper remain intact, we consider it prudent to take additional action to ensure that the Company can withstand a prolonged period of lower metal prices while building production capacity for the future. As such, we continue to pursue our company-wide cost reduction and cash conservation efforts and are very pleased with the support we are receiving from the Lead Bankers," Mr. Pascall concluded.
FINANCIAL HIGHLIGHTS
(1) Financial results for the year ended December 31, 2013 include the results of the Las Cruces mine (100%), the Cayeli mine (100%), and the Pyhasalmi mine (100%) (together "the acquired operations") from March 22, 2013, the date of acquisition.
(2) Earnings before interest, tax, depreciation and amortization ("EBITDA") is not recognized under IFRS. Refer to the "Regulatory Disclosures" section in the Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2014 for further information.
(3) Net earnings attributable to shareholders of the Company have been adjusted to remove the effect of unusual items to arrive at comparative earnings. Comparative earnings and comparative earnings per share are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors. Refer to the "Regulatory Disclosures" section in the MD&A for the year ended December 31, 2014 for a reconciliation of comparative earnings.
OPERATING HIGHLIGHTS
(1) Operating results for the year ended December 31, 2013 include those of the Cayeli mine (100%), the Las Cruces mine (100%), and the Pyhasalmi mine (100%) from March 22, 2013, the date of acquisition.
(2) Cash costs (C1) is not recognized under IFRS. Refer to the "Regulatory Disclosures" section in the MD&A for the year ended December 31, 2014 for further information.
FULL YEAR 2015 GUIDANCE
CONFERENCE CALL & WEBCAST
The Company will host a conference call and webcast to discuss the results on Friday, February 20, 2015.
Conference call and webcast details are as follows:
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS
The audited consolidated financial statements and Management's Discussion and Analysis for the year ended December 31, 2014 are available at and should be read in conjunction with this news release.
BASIS OF PRESENTATION
This news release and the Company's financial statements have been prepared in accordance with IFRS and are presented in United States dollars, except where noted. Changes in accounting policies have been applied consistently to comparative periods unless otherwise noted.
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 website at .
Cautionary statement on forward-looking information
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, Sentinel, Enterprise and Cobre Panama, 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, information with respect to the future price of copper, gold, cobalt, nickel, zinc, pyrite, PGE, and sulphuric acid, estimated mineral reserves and mineral resources, First Quantum's exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, and 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, the Company has made numerous assumptions including among other things, assumptions about the price of copper, gold, nickel, zinc, pyrite, PGE, cobalt and sulphuric acid, anticipated costs and expenditures and the ability to achieve the Company's goals. The Company has also made certain assumptions with respect to securing amendments to its Financing Agreements. If these amendments are not effected and the Company breaches a covenant in its Financing Agreements, this would be an event of default which, if un-addressed, would entitle the lenders to make the related borrowings immediately due and payable and if made immediately due and payable all other borrowings would also be due and payable. Although 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 the 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, Spain, Turkey, Panama, Argentina and Australia, adverse weather conditions in Zambia, Finland, Spain, Turkey and Mauritania, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.
See the Company's Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has 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 First Quantum's control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes 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.
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: 20.02.2015 - 11:00 Uhr
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Mining & Metals
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