First Quantum Minerals (FQM) says it recorded US$115 million loss during the first quarter of 2017 despite strong operational results.
FQM Minerals Chief Executive Officer Philip Piscall said the company recorded a net loss from continuing operations for the quarter of US$115 million, due in part to a US$188 million loss realized under the copper sales hedge programme.
Mr. Piscall however, noted that the company made significant progress on its cope growth objectives.
He also disclosed that the continued strong performances at the Kansashi Complex and Las Cruses in Spain also contributed to the progress.
The FQM CEO further stated that 2017, marked sixth, successive times that the company had increased its copper production.
Mr. Piscall said the company will this year start the critical phased commission of its largest project.
He also disclosed that the company is committed to deleveraging the balance sheet and providing some return to its shareholders who have been supportive of its vision and strategy.
This is according to a statement released to ZANIS in Lusaka today.