Vancouver-based First Quantum Minerals Ltd. (TSX:FM) beat analyst estimates August 1 even though it revealed that second quarter profit fell 9% thanks to lower copper prices and higher production costs.
The base metal miner's net income was $142 million, or 30 cents per share, in the quarter that ended June 30, compared with $155.3 million, or 33 cents per share in the same quarter in 2011. Revenue in the quarter rose 9% to $722.3 million, the company said.
Analysts had expected the copper and gold miner to earn 22 cents per share on $688 million in revenue.
The company was able to sell its copper for an average $3.48 per pound in the quarter compared with $3.81 in the same quarter a year ago.
First Quantum's copper and gold sales volumes rose 12% and 11% respectively.
Recently, First Quantum was plagued by a 12-day strike at its Guelb Moghrein copper-gold mine in Mauritania. That strike ended in late July and most workers are back on the job even though the company is continuing to work through a government-facilitated mediation process with unions.
The troubles were not the first for First Quantum in Africa.
In January, the company secured US$1.25 billion for assets in the Democratic Republic of Congo which were seized, spurring a lengthy lawsuit.
