First Quantum Updates Full Year Production Guidance

(RTTNews) - First Quantum Minerals Ltd. (FM.TO, FQM) lowered its 2015 guidance for copper and gold, while guidance for nickel remains within previous guidance range. The company now expects Copper production between 380,000 and 400,000 tonnes, and Gold production between 210,000 and 231,000 ounces. Nickel production is estimated between 33,000 and 37,000 tonnes. Total physical production at Sentinel is expected to be between 30,000 and 40,000 tonnes of copper. Regarding cash cost for 2015: the company lowered guidance to between $1.20 and $1.35 per pound copper and between $4.40 and $4.70 per pound for nickel.

For 2015, First Quantum expects capital expenditures, excluding capitalization of any pre-commercial production costs and capitalized interest, of approximately $1.4 billion including $600 million for Cobre Panama, $230 million for capitalized stripping and $200 million for each of Sentinel and sustaining capital.

For the third-quarter, First Quantum reported comparative earnings of $70 million or $0.10 per share. The company's net loss attributable to shareholders of $427 million includes a $471 million deferred income tax charge triggered by the reinstatement of corporate tax in Zambia effective July 1, 2015 and an unrealized foreign exchange loss of $94 million on the revaluation of the Zambian Value Added Tax receivable due to the depreciation of the kwacha against the US dollar in the quarter.