- Write by:
-
Wednesday, April 27, 2022 - 13:51:34
-
575 Visit
-
Print
Mining News Pro - Copper miner First Quantum Minerals Ltd reported a 171% jump in first-quarter profit on Tuesday, powered by higher prices for the red metal from supply worries.
Realized price of copper, a key metal used in wiring, electric vehicles and other electronics, rose nearly 37% to $4.45 per pound in the quarter, the company said, on fears that Russia’s invasion of Ukraine would disrupt supply chains.
Total copper production fell 11% to 182,210 tonnes in the reported quarter.
“Given the current events with the Ukraine conflict and covid-19 restrictions in China, and most recently the flooding in Durban, the shipping environment and inland logistics remain challenging and continue to impact sales volumes,” the company said.
Miners around the world are still struggling with labor shortage caused by the pandemic, supply-chain disruptions and a rise in per unit cost of production.
Net earnings attributable to the company’s shareholders rose to $385 million, or 56 cents per share, in the quarter ended March 31, from $142 million, or 21 cents per share, a year earlier.
Short Link:
https://www.miningnews.ir/En/News/621159
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Manganese developer Element 25 (E25) will accelerate activities for the planned expansion of its Butcherbird manganese ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
M23 rebels in eastern Democratic Republic of Congo have taken control of Rubaya, a key mining town for the smartphone ...
No comments have been posted yet ...