Despite hefty production increases, copper miner First Quantum Minerals (FQM) could not escape falling commodity prices in the quarter ended 30 June. Reporting its results for the first time since fully consolidating the assets acquired from Inmet Mining for C$5.1bn (£3.3bn) earlier this year, First Quantum saw cash operating profits fall 27 per cent to $201m (£131m) from $275m.
IC TIP:
Hold
at
1009p
But with metals prices seemingly stabilising, and mining operations progressing smoothly, we upgrade the shares to hold and close out our copper-price-derived sell tip (1,286p, 7 Feb 2013).