First Quantum Minerals Ltd. says it earned US$93 million in the second quarter of 2023, down from US$419 million a year earlier.
The Toronto-based company, which reports in U.S. dollars, says sales revenues were US$1.7 billion, down from US$1.9 billion during the same quarter last year.
First Quantum says second-quarter results benefitted from higher copper sales volumes and lower input costs, partially offset by lower copper and nickel prices.
The company said after a challenging start to the year, it has seen improvements and expects production at its three major copper operations to be higher in the second half of the year.
Earlier this year the company saw production at its Cobre Panama mine interrupted amid a dispute with the Panama government over tax and royalty payments, but a deal was reached in March.
First Quantum says the agreement is currently awaiting passing by Panama's legislature.
This report by The Canadian Press was first published July 25, 2023.
Companies in this story: (TSX:FM)
The Canadian Press
