OTTAWA (dpa-AFX) - First Quantum Minerals Ltd. (FM.TO, FQM.L) Tuesday reported fourth-quarter net income of $186 million or $0.39 per share, compared with $76 million or $0.16 per share last year.
The company said results were positively impacted by higher copper and gold prices, increased sales volumes, and lower copper production cash costs.
Revenues for the quarter were up 37% at $774.6 million, compared with $567 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $830.44 million for the quarter. Analysts' estimates typically exclude special items.
During the quarter, copper production increased to 84,918 tonnes from 67,316 tonnes last year. Results reflect higher sulphide grades and increased throughput as a result of the continued expansion of the oxide circuit at Kansanshi, increased throughput rates at Guelb Moghrein and the contribution from Kevitsa.
Gold production jumped to 64,383 tonnes from 43,524 tonnes a year ago, with higher grades and recovery rates at Kansanshi together with the contribution from Kevitsa.
Looking ahead to fiscal year 2013, the company expects to produce 250,000 to 270,000 tonnes of copper, and 126,000 to 140,000 ounces of gold.
In January, First Quantum formally commenced an offer to acquire all of the outstanding shares of Inmet Mining Corp. (IMN.TO) for a total of about C$5.1 billion. Inmet shareholders have the opportunity to elect shares in the company, cash, or a combination thereof, subject to an overall consideration mix of about 50% in shares and 50% in cash. The offer is open until March 11.
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