First Quantum Minerals earnings rise to US$325 million in third quarter

TORONTO — First Quantum Minerals Ltd. reported US$325 million in net earnings attributable to shareholders for the third quarter, up from US$113 million a year earlier.

Sales revenues totalled US$2.0 billion, up from US$1.7 billion.

Diluted earnings per share for the Toronto-based company were 47 cents US, up from 37 cents US a year earlier.

CEO Tristan Pascall says production continued to improve during the third quarter at each of the company's three main copper operations.

Earlier in the year, First Quantum's production took a hit amid a dispute with the Panama government over its Cobre Panamá copper mine.

On Monday, the company announced that the bill enacting its mining concession contract for the mine became law, after reaching a deal with the government in March.

This report by The Canadian Press was first published Oct. 24, 2023.

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The Canadian Press