August 1, 2012 / 9:19 PM / 5 years ago

First Quantum Q2 profit falls on costs, copper price

Aug 1 (Reuters) - Canada’s First Quantum Minerals Ltd said on Wednesday its second-quarter profit fell 9 percent as lower copper prices and higher production costs outweighed higher copper and gold sales volumes.

The base metal miner’s net earnings attributable to shareholders was $142 million, or 30 cents a share, in the quarter ended June 30. That compared with $155.3 million, or 33 cents a share, in the year-earlier period.

Analysts, on average, had expected earnings of 22 cents a share, on revenue of $688 million, according to Thomson Reuters I/B/E/S.

Revenue rose 9 percent to $722 million as copper sales climbed 11 percent to 72,711 tonnes in the second quarter.

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