FQM profit jumps to $1.1bn

FIRST Quantum Minerals (FQM) Limited has posted an increased gross profit of over US $1.1 billion during its 2020 financial year ending December 31, mainly boosted by higher sales volumes of copper and gold. In a statement, the Canadian miner posted an increased gross profit of around US $1.1 billion last year, up from US $790 million earned in 2019, triggered by higher sales volumes of copper and gold. FQM stated that its gross profits, or earnings before interest, tax, depreciation and amortisation (EBITDA), had benefited from higher realised copper and gold prices on the international market. Copper prices had rallied beyond the US $8,000 per tonne threshold during the final weeks of 2020, while gold prices equally held steady…...