05:29 PM EDT, 07/23/2025 (MT Newswires) -- First Quantum Minerals ( FQVLF ) after trade Wednesday said it swung to an unexpected profit in the second quarter as the company got formal government approval for its preservation and safe management plan at Cobre Panama and began shipping copper concentrate that has been on site since 2023.

The company reported net earnings attributable to shareholders of US$18 million, or US$0.02 per share, during the period, compared with a loss of US$46 million, or US$0.06 per share, a year ago. FactSet expected a loss per share of US$0.04.

Adjusted earnings, excluding most one-time items, were US$17 million, or US$0.02 per share, compared with an adjusted loss of US$13 million, or US$0.02 per share, in the year-prior period.

Revenue stayed the same year-over-year at US$1.23 billion. FactSet had projected US$1.11 billion.

Among highlights, the company noted the government of Panama approved a preservation and safe management plan that permits he export of copper concentrate and restart of the power plant at Cobre Panama.

On operations, the company said financial results improved quarter-over-quater due to higher gold sales volumes and higher realized copper and gold prices. The second quarter also benefitted from a concentrate shipment from Cobre Panama in June.

During the quarter, total copper production fell 9% quarter-over-quarter to 91,069 tonnes from 99,703 tonnes, mainly due to lower production at Kansanshi, the company said.

"At the S3 Expansion project at Kansanshi, we are in the final stages of commissioning and the project remains on budget and on schedule for first production in the second half of 2025. Additionally, I am also pleased that test work on a newly identified gold zone at Kansanshi is yielding promising results," Chief Executive Tristan Pascall said.

He added that while copper production was lower during the quarter, the company aims to have a stronger second half of the year and remains on track to achieve 2025 guidance.