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Sale of DRC assets boosts First Quantum results

Heavy machinery is seen at First Quantum's former Frontier copper mine in Fungurume, in southern Democratic Republic of Congo.

KATRINA MANSON/Reuters

First Quantum Minerals Ltd. said Wednesday it earned $1.34-billion (U.S.) in its latest quarter boosted by the sale of its assets in the Democratic Republic of Congo.

The miner said the profit amounted to $2.82 per share, up from a profit of $206.7-million, or 48 cents per share, a year ago.

Revenue for the quarter totalled $708.8-million, up from $705.2-million.

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Kazakhstani miner Eurasian Natural Resources Corp. PLC bought First Quantum's Congolese assets, including the Kolwezi tailings project, as well as the Frontier and Lonshi mines and related exploration interests for $1.25-billion this year.

First Quantum had written off the value of the assets in 2010 after its operations in Congo were nationalized by the government of the mineral-rich central African country.

The company has said it will focus its efforts on Zambia where it has its flagship Kansanshi mine and is developing other projects including a new mine and smelter.

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