Anvils major shareholder has very poor Q2

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    First Quantum suffers Q2 loss

    Posted:07/31/2002 02:00:00 PM | © Miningweb 1997-2001

    TORONTO - First Quantum Minerals Ltd. has reported revenue for the second quarter, of $5.08 million (Q2 2001:$36.70 million) and for the six months ended May 31, 2002 revenues were $33.20 million (Q22001: $69.32 million).
    The company said both decreases reflect the change in ownership and accounting treatment at Carlisa. External revenues at the Bwana Mkubwa decreased 10% in the second quarter 2002 to $5.64 million (Q2 2001:$6.39 million) principally as a result of lower copper production.

    Gross profit from operations was $1.27 million (Q2 2001: $4.99 million) reflecting the reduced copper production and lower contribution from surplus acid sales at Bwana Mkubwa.

    For the second quarter, the loss before income taxes, non-controlling interest and equity earnings and minority interests was $0.42 million (Q22001: $0.99 million). For the second quarter, net earnings (loss) were $2.11 million (Q2 2001: $[0.79]
    million) as the result of a $2.5 million tax recovery at Bwana Mkubwa.

    In the second quarter in 2002, attributable copper production was 7,044 tonnes (Q2 2001: 12,755), and attributable cobalt production was 109 tonnes (Q2 2001: 223). Surplus acid production was 15,006 tonnes (Q2 2001:13,997).

    And they{FQ} have money in the bank---I wonder how they could pick a lot more profit up !Anvil will be raking the dough in soon------Hmmmmmmmmm!

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