First Quantum Minerals – FQM’s Kalumbila – Sentinel mine half year revenues have risen to US$1.1 billion, up by 117% in 2021 compared to the same period in 2020.
According to the interim financial statements made available to the Zambian Business Times – ZBT, the open pit mine posted quarter two – Q2 earnings of US$525 million for the quarter ended 30 June 2021 compared to US$252 million for the same period last year 2020.
The mine half year results show aggressive year on year earnings growth. Kalumbila posted half year January to June 2021 revenues of US$1.1 billion, up from US$487 million posted for the same period in 2020.
A further analysis of the Canadian listed group overall earnings for the first half of 2021 shows that FQM group revenue reached US$3.5 billion of which copper delivered US$3 billion, which accounted for 86% of the groups revenue.
And of the US$3 billion half year FQM group copper revenues, the combined Zambian mines (Kansanshi – US$ 900 million and Kalumbila – US$1.1 billion) accounted for about US$US$2 billion, which is 67% of its copper revenues.
Meanwhile, the country sliding tax revenues from mineral royalty tax – MRT which has now hit the highest band of 10% when copper prices cross the US$9,000 per ton price has kicked in. The MRT which is paid on gross copper sales revenues, are expected to be boosted following continued strong prices for the red metal.
The central bank – BOZ currently receives the mineral royalty tax payments directly from the mines, which are said to being utilized to shore up and replenish US dollar national reserves.
