First Quantum Minerals (TSX: T.FM, Stock Forum), after Wednesday’s close, reported a first-quarter profit, adjusted to remove one-time items, that fell 42% to $119 million, or 25 cents a share, compared with $206.7 million, or 48 cents a share, during the same period last year.
Total copper production for the quarter was 12% lower than Q1 2011, due to reduced oxide ore grades processed at Kansanshi and a loss of approximately 2,700 tonnes of copper during labour-related stoppages. Revenue inched 0.5% higher to $708.8 million.
For 2012, the miner expects to produce of approximately 270,000 to 290,000 tonnes of copper, 36,000 to 40,000 tonnes of contained nickel, and 170,000 to 190,000 ounces of gold. Its cash cost forecasts are $1.55 per pound of copper and $6.60 to $6.80 per pound of nickel.