(Kitco News) - First Quantum Minerals (TSX: FM) today reported that in Q3 2021, its total copper production of 209,859 tonnes was up 5% from Q2 2021 and virtually unchanged compared to Q3 2020 (211,396 tonnes).
The company said that its copper production improved quarter-over-quarter as a result of record production at Cobre Panama and continued strong performance at Sentinel while Kansanshi production remained steady during the quarter.
Total copper production guidance for the year has been narrowed by 15,000 tonnes to a range of 800,000 and 835,000 tonnes, the company added.
First Quantum's total gold production for the quarter was 78,124 ounces, a 4% decrease from Q2 2021 and a 7% increase from Q3 2020.
While gold production remained steady at Cobre Panama and Kansanshi, Guelb Mogrein experienced lower production levels, the company explained.
Total gold production guidance for 2021 has increased by 10,000 ounces to a range of 290,000 and 310,000 ounces on stronger performance at Cobre Panama.
Importantly, the company's comparative EBITDA of $886 million reported in Q3 2021 was 38% higher than a year before, while net earnings increased 945% to $303 million in Q3 2021 from $29 million a year before.
Moreover, First Quantum's net debt decreased by $449 million during the quarter, with a total reduction of $1,107 million during the nine months year-to-date, bringing the balance down to $6,302 million as of September 30, 2021.
With the current strength in the copper price and ongoing strong operational performance, a significant further reduction is expected in the last quarter of this year, the company pointed out.
"First Quantum's financial performance continues at strong levels, driven by higher metal prices and strong operational performance resulting in a significant year-over-year increase in comparative EBITDA and net earnings, as well as notable further reduction in net debt," the company said in a statement.
By Vladimir BasovFor Kitco News
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