Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
First Quantum Minerals Ltd. surprised the market by accidentally releasing its first-quarter results during the trading day.
The Canadian miner fell as much as 3.4 percent after its first-quarter results were released at 1:44 p.m. during normal trading in Toronto, before recovering some of its losses. First Quantum earnings statements typically come out after market hours. Lisa Doddridge, a spokeswoman for First Quantum, said the early release was an error by the newswire service.
Mixed results didn’t help the shares much. While the Vancouver-based company’s adjusted per-share earnings beat the average analyst estimate, revenue came in lower than expected and copper production fell 5.8 percent from a year earlier.
The output drop was contrary to some expectations: Bloomberg Intelligence industry analyst Eily Ong had said growth in copper production — aided by the ramp up of its new, massive Cobre Panama mine — might support the company’s earnings expansion while combating higher cash costs. While per-share first-quarter profit increased a penny to 8 cents, a measure of costs rose 5.5 percent year-over-year to $1.34 a pound of copper.
The company is scheduled to hold a call with investors Tuesday at 9 a.m. New York time.
(By Natalie Obiko Pearson)
