Cobre Panamá Boosts First Quantum's Q2 Earnings Amid Copper Price Surge

First Quantum Minerals (TSE:FM) reported strong second-quarter earnings driven by higher copper production and revenue. The company's total copper production rose 4% from the first quarter to just over 100,000 metric tons, supported by increased output at Sentinel and the start of concentrate production from Cobre Panamá stockpiles in June.

The company generated $1.5 billion in revenue during the quarter, an 8% increase year-over-year, while EBITDA rose 23% to $400 million. Higher copper prices and increased sales contributed to these results, although higher fuel costs and contracted expenses impacted profitability.

Cobre Panamá's stockpile processing began ahead of schedule in May, with the company producing its first concentrate from stockpiled ore in June. First Quantum expects to process 38 million tons of mineralized ore over the next year, containing around 70,000 tons of recoverable copper.