Copper and nickel producer, First Quantum Minerals Ltd., has announced its 3rd quarter results showing improved EBITDA of USD 1,111.8 million in the first 9 months of 2014 compared to USD 987.7 million in the first 9 months of 2013.
According to Philip Pascall, CEO and Chairman of First Quantum, good operations and cost management continued to play a role in their Zambian operations and noted that the arrival of a new smelter in 2015 will reduce the limitations caused by limited local smelting availability, the cost of sulphuric acid and the accessibility of ore in the country.
“The Company continues to maintain a well-financed balance sheet through this important stage in its growth by means of well-run operations and a supportive banking syndicate,” he said.
In spite of the effects of the global economy, Mr. Pascall indicated that he was encouraged by the relatively positive performance of copper prices and plans to continue with the Company’s strategy to expand their global production and resource capacities.
“When our latest projects, being the smelter and Sentinel, are completed and operating, they are expected together to employ an additional 2,400 people, add significantly to Zambia’s copper production and contribute meaningfully to its gross national income,” he concluded.
First Quantum is a mining and metals company producing copper, nickel, gold, zinc and platinum with operations expanding across seven mines and five developing projects worldwide.