BUSINESS

First Quantum reports Q1 profit of US$1.34B, boosted by asset sale

05/02/2012 06:22 EDT | Updated 07/02/2012 05:12 EDT
VANCOUVER - First Quantum Minerals Ltd. (TSX:FM) said Wednesday it earned US$1.34 billion in its latest quarter boosted by the sale of its assets in the Democratic Republic of Congo.

The miner, which keeps is books in U.S. dollars, said the profit amounted to $2.82 per share in its latest quarter, 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.

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 earlier 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.

Shares in the company, which reported its results after the close of markets, were down 46 cents at $20.01 on the Toronto Stock Exchange on Wednesday.