Millrock Resources Inc. and First Quantum Minerals Ltd. to Enter into Option to Joint Venture Agreement on the Alaska Peninsula Copper Gold Project, Alaska
Dec 2 14
Millrock Resources Inc. announced that it has been advised that First Quantum Minerals Ltd. (FQM) will exercise its exclusive right to enter into an Option to Joint Venture Agreement on the Alaska Peninsula Project, located in southwest Alaska. The election follows on from a binding letter agreement in which Millrock granted the exclusive right to FQM in January of 2014. As part of that agreement, FQM agreed to fund an initial exploration program that was to cost approximately $600,000. The program was executed by Millrock with participation by FQM geologists in July and August of 2014. Geochemical sampling, geological mapping, prospecting and airborne magnetic surveys were carried out. The Alaska Peninsula project is comprised of surface lands owned by five different Alaska Native Village Corporations and the Bristol Bay Native Corporation (BBNC). All of the subsurface mineral rights, covering an area of more than 203,000 hectares, are owned by BBNC. Millrock has previously made an Exploration Agreement with Option to Lease through which it can secure a 100% leasehold interest from BBNC. The villages of Chignik Bay and Chignik Lagoon are located roughly central to the land package, which is more than 120 km long and up to 60 km wide, covering an area of interest covering approximately 650,000 ha.
First Quantum Minerals Ltd. Commences Phase I Drilling Campaign at the Rubi JV Porphyry Copper, Gold Project in the El Salvador district, Northern Chile
Nov 10 14
First Quantum Minerals Ltd. has commenced the Phase I drilling campaign at the Rubi JV porphyry copper - gold project in the El Salvador district in northern Chile. This program will focus on priority-ranked targets in the Glenlivet (Lithocap) and Wild Turkey (Eastern Zone) prospects, and could include up to eleven holes of between 500 to 1,000 m depth, totaling up to 5,000 m. If all planned holes are drilled this program may take up to 3 months to complete. The drilling will be carried out by Geotec Boyles, a Chilean company with over 30 years experience in the sometimes challenging conditions of the Atacama region. The program will use a multi-purpose rig which will allow a combination of reverse circulation (RC), and diamond core (DDH) drilling through the diverse post-mineral cover over the target zones. Prior to commencing this drill program, First Quantum completed a 37 line-km program of IP electrical and Magneto Telluric1 (MT) geophysics comprising 10 lines over six prospect areas; geophysics has not yet been carried out over the Portezuelo target on the eastern side of the property. This geophysics program represents the culmination of an extensive 12-month pre-drill exploration program, adding to the JV datasets that include a 2,460 line-km helicopter magnetic survey, extensive property-wide soil and gravity surveys, as well as geological mapping, rock chip sampling and alteration mineral assemblage mapping with a hand-held infrared spectrometer. Integrated analysis of these JV datasets by First Quantum has identified a series of targets for testing during the Phase I drill program. Drilling will focus on target areas where a combination of outcropping alteration, rock chip or soil anomalies and geophysical features outlined a series of covered targets that warrant testing for porphyry copper mineralization.
First Quantum Minerals Ltd. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Operating and Capital Expenditure Guidance for the Full Year of 2014
Oct 30 14
First Quantum Minerals Ltd. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported sales revenues of $885.2 million compared to $885.4 million a year ago. EBITDA was $366.7 million compared to $393.1 million a year ago. Net earnings attributable to shareholders of the company were $121.2 million or $0.20 per diluted share compared to $143 million or $0.24 per diluted share a year ago. Comparative earnings were $137.2 million or $0.23 per diluted share compared to $143.6 million or $0.24 per diluted share a year ago. Cash flow from operations, before changes in working capital and taxes was $339.8 million compared to $410.3 million a year ago. The company ended the quarter in a net debt position of a little over $5 billion, compared to just over $4.3 billion at the beginning of the quarter.
For the nine months, the company reported sales revenues of $2,720.8 million compared to $2,655.9 million a year ago. EBITDA was $1,111.8 million compared to $987.7 million a year ago. Net earnings attributable to shareholders of the company were $381.6 million or $0.64 per diluted share compared to $327.3 million or $0.59 per diluted share a year ago. Comparative earnings were $397.6 million or $0.68 per diluted share compared to $401.0 million or $0.73 per diluted share a year ago. Cash flow from operations, before changes in working capital and taxes was $1,098.5 million compared to $1,016.6 million a year ago.
For the quarter, the company reported copper production of 101,553 tonnes compared to 114,488 tonnes a year ago, nickel production of 11,884 tonnes compared to 12,485 tonnes a year ago and gold production of 51,446 ounces compared to 65,368 ounces a year ago.
For the nine months, the company reported copper production of 322,479 tonnes compared to 297,490 tonnes a year ago, nickel production of 35,945 tonnes compared to 34,432 tonnes a year ago and gold production of 172,333 ounces compared to 184,879 ounces a year ago.
For the full year of 2014, the company expects production of copper between 419,000 and 436,000 tonnes, nickel between 45,000 and 48,000 tonnes, gold between 218,000 and 237,000 ounces, zinc between 55,000 and 60,000 tonnes, palladium between 22,000 and 24,000 ounces and platinum between 26,000 and 29,000 ounces. Capital expenditures are expected between $2.2 billion and $2.4 billion, excluding capitalization of any pre-commercial production costs and capitalized interest.