Worth reading the copy below. FQ profits up 500% to $us28M...

Worth reading the copy below. FQ profits up 500% to $us28M ($A36M) compared to CSM $A64M per Euroz research report 14/3 (Buy $3.51) and Kiernan agreeing he is comfortable with the figure pre REM.

FQ market cap $1.5B ($Cn or $US??) v CSM $710M. One is wrong. Make up your own mind.

Copied from post 552641 24/3 on AVM.

Van Sun says First Quantum year-end profit soars

2005-03-21 07:41 ET - In the News


The Vancouver Sun reports in its Saturday edition that soaring copper prices drove junior miner First Quantum Minerals to a 522-per-cent gain in profits in 2004. The Sun's Scott Simpson writes that net earnings were $28-million (U.S.) compared with $4.5-million in 2003, and president Clive Newall said the Africa-focused company is instituting a twice-annual dividend of six cents a share. Mr. Newall said cash flows will continue to expand as the fast-growing company's newest project in Zambia comes into production in a few weeks. Total production was 41,546 tonnes of copper compared with 29,513 in 2003, mostly from its Bwana Mkubwa facility in Zambia. "I think you should see another more than doubling of copper production, in fact production will treble in 2005," Mr. Newall said. A year ago First Quantum was trading at $15.70. Today, it has a market cap of $1.5-billion. The company has mines coming on stream in each of the next three years. The company has been heavily praised by analysts for its management, the quality of its projects and its timing -- copper prices were in a deep slump when First Quantum commenced development of properties in Africa's copper belt in 1998.