First Quantum trims loss in first quarter despite dip in copper output

(Alliance News) - First Quantum Minerals Ltd on Wednesday said stronger gold sales and higher copper prices helped narrow its quarterly loss, even as copper and nickel production declined.

First Quantum is a Vancouver, Canada-based mining company with a primary focus on copper assets.

First Quantum said its net loss attributable to the company narrowed to USD23 million in the first quarter ended March 31 from USD159 million a year earlier, and diluted net loss per share narrowed to USD0.03 from USD0.21.

Sales revenue increased 15% to USD1.19 billion from USD1.04 billion.

Net debt grew 9.7% to USD5.79 billion from USD5.28 billion.

Copper production edged down 0.9% to 99,703 from 100,605 tonnes while copper sales rose 0.2% to 101,960 from 101,776 tonnes.

First Quantum benefited from an increase in copper prices which rose 13% to USD4.26 from USD3.78 per pound.

Gold production jumped 49% to 40,254 from 26,984 ounces with gold sales rising 31% to 38,906 from 29,778 ounces.

In contrast, Nickel production fell 40% to 4,649 from 7,771 contained tonnes, and sales declined 61% to 3,167 from 8,211 contained tonnes.

"Kansanshi and Sentinel held up well in the first quarter and we remain on track for meaningful production growth over the remainder of the year, driven by the S3 Expansion project at Kansanshi. I'm pleased to report that construction is progressing steadily and remains on schedule. In Panama, following the suspension of arbitration, we reaffirm our commitment to constructive engagement with the government and people of Panama to reach a resolution for the Cobre Panama mine," said Chief Executive Officer Tristan Pascall.

The company's guidance for full-year 2025 remains unchanged with First Quantum continuing to expect copper production within the range of 380,000 to 440,000 tonnes compared to 431,000 tonnes in 2024.

"Amid rising concerns about global growth due to uncertainty around trade and tariff policy, we continue with initiatives to strengthen our balance sheet and enhance our financial flexibility. Our copper hedges provide important protection and our gold production provides as a natural hedge during this period of volatility," CEO Pascall added.

First Quantum shares closed 9.4% higher at CAD18.23 each in Toronto on Wednesday.

By Elijah Dale, Alliance News reporter

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