First Quantum earnings rose in the third quarter of 2026 as higher copper production and sales helped lift revenue. The miner also lowered the top end of its full-year copper production forecast.
Key Takeaways
- Net earnings attributable to shareholders rose to $207 million from $136 million in the preceding quarter.
- Copper production increased to 108,959 tonnes, supported by Kansanshi and stockpile processing at Cobre Panamá.
- Panama’s president is reviewing a recommendation to assess a possible agreement on Cobre Panamá’s future.
First Quantum earnings and production
In its third-quarter results, released October 28, First Quantum reported revenue of $2.086 billion, up from $1.522 billion in the second quarter. Net earnings were $0.25 per share, compared with $0.16.
The company said higher sales volumes, improved realized metals prices and lower fuel costs supported results. It also cited the absence of derivative contracts after its hedging program ended on June 30.
Copper output rose from 100,487 tonnes in the second quarter, while sales reached 109,841 tonnes. First Quantum attributed the production increase mainly to stockpile processing at Cobre Panamá and higher output at Kansanshi.
Operating cash flow rose to $600 million from $130 million. Net debt was $5.309 billion at September 30, down $98 million during the quarter. All dollar amounts are in US currency.
| Item | Details |
|---|---|
| 2026 copper production guidance | 405,000–435,000 tonnes, previously 405,000–475,000 tonnes |
| 2026 gold production guidance | 150,000–170,000 ounces, previously 150,000–175,000 ounces |
| 2026 nickel production guidance | 40,000–45,000 tonnes, previously 30,000–40,000 tonnes |
Production guidance revised
First Quantum narrowed its 2026 copper production guidance to 405,000–435,000 tonnes from 405,000–475,000 tonnes, citing lower grades experienced at Sentinel and Kansanshi. Its guidance for Cobre Panamá was unchanged.
The company also narrowed its gold forecast and raised its nickel forecast. These ranges are management guidance, not completed production results.
Updated copper C1 cash cost guidance was $2.50–$2.65 per pound, reflecting elevated fuel prices and the strong Zambian kwacha. C1 cash cost is a non-GAAP ratio and may not be comparable with similarly named measures from other companies.
Cobre Panamá decision remains pending
All three processing trains at Cobre Panamá were brought online sequentially during the quarter, and First Quantum said stockpiles were sufficient to support the authorized processing program until mid-2027.
Separately, an interministerial commission recommended assessing the feasibility of a new agreement that could settle outstanding arbitration proceedings and allow a potential restart designed to fund an orderly closure. President José Raúl Mulino is reviewing the report; the recommendation is not an approval to restart the mine.
Next milestone
The next confirmed development to watch is President Mulino’s decision on the commission’s report, which he plans to communicate to the country.
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