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First Quantum makes hay in March quarter

Toronto-listed copper producer First Quantum Minerals has delivered an impressive set of March quarter financials, with earnings exceeding consensus estimates by 8%, although the miner’s hedging strategy meant it was unable to fully capitalise on record copper prices.

First Quantum makes hay in March quarter First Quantum makes hay in March quarter First Quantum makes hay in March quarter First Quantum makes hay in March quarter First Quantum makes hay in March quarter

First Quantum Minerals' Cobre Panama operation, located in Colon Province, 120km west of Panama City

EBITDA amounted to US$811 million in Q1, with copper sales up 11% year-on-year to 211,000 tonnes.

Net direct cash costs of US$1.15/lb at Cobre Panama in Panama, $1.18/lb at Kansanshi and $1.