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Gold/Mining/Energy : first quantum minerals FM on TSE -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (300)	5/1/2000 1:39:00 PM
From: Stephen O	Read Replies (1) \| Respond to of 385

First Quantum Minerals Ltd. - First quarter financial results, e 5/1/0 13:34 (New York) US $0.01 per share, cash flow US $0.09 per share (All figures in United States dollars) VANCOUVER, May 1 /CNW/ - First Quantum Minerals Ltd. (TSE Symbol ``FM'') is pleased to announced financial results for the first quarter ended February 29, 2000 (see attached financial statements). Financial Highlights -------------------- Earnings in the first quarter of 2000 were $0.13 million or $0.01 per share, compared with a loss of $0.29 million or $0.01 per share in 1999. Earnings before interest, taxes, depreciation and amortization for the first quarter of 2000 were $3.29 million or $0.13 per share compared to $3.04 million or $0.13 per share in 1999. Cash flow was $2.31 million or $0.09 per share compared to $2.24 million or $0.10 per share in 1999. Mining revenues were $7.97 million to the first quarter 2000 down slightly from $8.02 million in 1999. During the quarter, the sulphuric acid plant at Bwana Mkubwa required an unscheduled shut down to repair a cooling unit. The shut down resulted in reduced acid production and as a result, less acid (approximately 6,000 tonnes) was available for resale when compared to the same period in 1999. As of February 2000, the cooling unit had been repaired and the acid plant was operating at full design capacity. At Bwana Mkubwa, revenues decreased 8% ($6.34 million-2000 vs $6.84 million-1999), while at Connemara revenues increased 63% ($1.61 million-2000 vs $0.99 million-1999) principally due to increased productivity. The averaged realized copper price in the first quarter of 2000 was $0.77 per pound compared to $0.69 per pound in 1999 and the averaged realized gold price in the first quarter of 2000 was $291 per ounce compared to $288 per ounce in 1999. Operational Highlights ---------------------- In the first quarter of 2000, the Bwana Mkubwa SX-EW mine and integrated sulphuric acid plant produced 5,408,616 pounds of LME grade copper cathode and 11,194 tonnes of surplus acid. This compares with 5,122,096 pounds of LME grade copper cathode and 16,969 tonnes of surplus acid produced during the same period in 1999. Cash operating costs were $0.45 per pound of copper and $0.21 per pound of copper net of surplus acid contribution compared with $0.42 per pound of copper and $0.08 per pound of copper net of surplus acid contribution in 1999. The Connemara open pit-heap leach mine produced 5,557 ounces of gold at a cash operating cost of $247 per ounce. This compares with 3,420 ounces of gold at a cash operating cost of $296 per ounce during the same period in 1999. On Behalf of the Board of Directors 12g3-2b-82-4461 of First Quantum Minerals Ltd. Listed in Standard and Poor's ``Clive Newall'' Clive Newall President The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.