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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.


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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