Quarterly reportJust a quick look so far, but looks great.......
VANCOUVER, BRITISH COLUMBIA, Mar 18, 2005 (CCNMatthews via COMTEX) --
(All figures expressed in US dollars)
First Quantum Minerals Ltd. (TSX:FM)(OTCBB:FQVLF)(LSE:FQM) is pleased to announce results for the three months and year ended December 31, 2004. The complete financial statements are available for review at www.first-quantum.com.
Summary Table---------------------------------------------------------------------------------------------------------------------------------------- 2004 2003 -------------------------------------- Fourth Twelve Fourth Twelve Quarter Months Quarter MonthsFinancial Data (millions) (Oct-Dec) (Jan-Dec) (Oct-Dec) (Jan-Dec)----------------------------------------------------------------------------------------------------------------------------------------Revenues $30.7 $113.5 $19.9 $60.4Cash flow, (before operating working capital movements) $n9.8 $ 46.3 $ 8.4 $18.1Cash flow, (after operating working capital movements) $ 2.9 $ 30.7 $ 8.2 $16.9Net earnings $ 9.3 $ 28.0 $ 1.4 $ 4.6Weighted average shares outstanding ('000) 60,942 60,123 55,984 50,668Per Share DataCash flow, (before operating working capital movements) $0.16 $ 0.77 $0.15 $0.36Cash flow, (after operating working capital movements) $0.05 $ 0.51 $0.15 $0.33Net earnings $0.16 $ 0.47 $0.02 $0.09Operating DataFinished Copper Production (tonnes) 10,942 41,546 9,558 29,513Sulphuric Acid Produced (tonnes) 35,671 140,200 33,035 132,951Sulphuric Acid Sold (tonnes) 9,664 66,460 15,689 75,228Realized Copper Price (US$/lb) $1.20 $ 1.13 $0.84 $0.75Total Cost (C3) Copper (US$/lb) $0.59 $ 0.62 $0.66 $0.62Cash Cost (C1) Copper (US$/lb) $0.48 $ 0.46 $0.47 $0.44----------------------------------------------------------------------------------------------------------------------------------------
Notable Events
- Kansanshi commissioning underway, ZESCO power line energized
- New copper discovery at Kashime in Zambia
Financial Results (see attached financial statements)
Fourth quarter revenues were $30.7 million (Q3: $31.2m; Q2: $26.3m; Q1: $25.3m; Q4'03: $19.9m) which principally comprised copper revenues of $29.2 million (Q3: $28.6m; Q2: $23.4m; Q1: $22.1m; Q4'03: $17.5m) and acid revenues of $1.5 million (Q3: $2.6m; Q2: $2.9m; Q1: $3.2m; Q4'03: $2.4m). Copper revenues were consistent with the third quarter as a result of a 3% increase in the realized copper price which was offset by slightly lower copper sales (2%). Acid revenues have fallen by approximately $1.1 million on the lower acid available for sale at Bwana Mkubwa. The availability of acid for sale was reduced as the gangue acid consumption ratio (tonnes of acid consumed per tonne of copper produced) increased to 2.3 (Q3: 1.7; Q2: 1.6; Q1: 1.4; Q4'03: 1.8) at Bwana Mkubwa.
Gross profit for the fourth quarter of 2004 was $16.2 million (Q3: $17.1m; Q2: $13.2m; Q1: $13.2m; Q4'03: $7.0m) reflecting the increased copper revenues from Bwana Mkubwa. The cash flow from operating activities, after changes in working capital, was $2.9 million (Q3: $10.4m; Q2: $10.8m; Q1: $6.6m; Q4'03: $8.2m) or $0.05 per share (Q3: $0.17; Q2: $0.18; Q1: $0.11; Q4'03: $0.15). Cash flow from operations was adversely impacted by movements in working capital of $7.0 million for the quarter. The cash flow from operating activities, before changes in non-cash working capital, was $9.8 million (Q3: $12.9m; Q2: $11.5m; Q1: $12.1m; Q4'03: $8.4m) or $0.16 per share (Q3: $0.21; Q2: $0.19; Q1: $0.21; Q4'03: $0.15). Net earnings for the fourth quarter were $9.3 million (Q3: $7.9m; Q2: $4.1m; Q1: $6.7m; Q4'03: $1.4m) or $0.16 per share (Q3: $0.13; Q2: $0.07; Q1: $0.11; Q4'03: $0.02).