First Quantum Minerals Reports Third Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/09/15 -- (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 $70 million and cash flows from operations, before changes in working capital and tax paid, of $263 million for the three months ended September 30, 2015. On a per share basis, these equate to $0.10 and $0.38(2), respectively using the weighted average shares outstanding of 684.5 million for the quarter. The weighted average shares outstanding for the prior year quarter was 591.2 million.
THIRD QUARTER 2015 HIGHLIGHTS
(1) Net earnings (loss) attributable to shareholders of the Company have been adjusted to exclude impacts which are not reflective of underlying performance 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. Refer to the "Regulatory Disclosures" section in the MD&A for the three and nine months ended September 30, 2015 for further information.
(2) Cash flows per share and C1 cash cost are not recognized under IFRS. Refer to the "Regulatory Disclosures" section in the MD&A for the three and nine months ended September 30, 2015 for further information.
CEO'S COMMENTS
"Good operations at all our facilities combined with the benefits from our cost and cash containment efforts and the excellent operation of our new smelter yielded solid results for the quarter. While we are pleased with this, further strengthening of the balance sheet and cost reductions remain key priorities for the entire Company," commented Philip Pascall, First Quantum's Chairman and CEO.
"In an earlier release we noted the finalization of revised terms for the precious metals stream agreement with Franco-Nevada and detailed some of the initiatives already implemented, including the implementation of a copper hedge program and our commitment to reduce net debt. Since then, the initial contribution of $338 million was received from Franco-Nevada on the Cobre Panama stream agreement, we increased the size of the hedge program and put in place the team to carry out a detailed review of our assets and evaluate other strategic initiatives for the planned debt reduction program. We intend to disclose progress and further details on all of these initiatives as appropriate."
FINANCIAL HIGHLIGHTS
(1) Net earnings (loss) attributable to shareholders of the Company and EBITDA have been adjusted to exclude impacts which are not reflective of underlying performance to arrive at comparative earnings and comparative EBITDA. Comparative earnings, comparative earnings per share and comparative EBITDA 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 "Regulatory Disclosures" section in the MD&A for the three and nine months ended September 30, 2015 for further information.
OPERATING HIGHLIGHTS
(1) Copper production includes initial production at Sentinel of 10,979 tonnes for the three months ended September 30, 2015, and 17,781 tonnes for the nine months ended September 30, 2015. Copper sales includes initial sales at Sentinel of 2,474 tonnes for the three and nine months ended September 30, 2015. Sentinel production and sales are pre-commercial production and therefore excluded from earnings.
(2) C1 cash cost and C3 total cost are not recognized under IFRS. C3 total cost is defined as C1 cash cost plus depreciation, exploration, insurance and royalties. Refer to the "Regulatory Disclosures" section in the MD&A for the three and nine months ended September 30, 2015 for further information.
UPDATED FULL YEAR 2015 GUIDANCE
CONFERENCE CALL & WEBCAST
The Company will host a conference call and webcast to discuss the results on November 10, 2015.
The conference call replay will be available from 11:00 am (EST) on November 10 until 11:59 pm (EST) on November 17, 2015.
COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS
The complete unaudited condensed interim consolidated financial statements, and MD&A for the three and nine months ended September 30, 2015 are available at and should be read in conjunction with this news release.
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
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. 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:
North American contact:
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
United Kingdom contact:
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
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Datum: 09.11.2015 - 22:00 Uhr
Sprache: Deutsch
News-ID 433140
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Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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