First Quantum Minerals earns US$93 million in second quarter

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.