03:37 PM EST - First Quantum Minerals Ltd. : has boosted earnings to US$78.3 million in the first quarter but missed market expectations as heavy rainfall cut production at one of its mines. The Vancouver-based company, which has mines in the Africa, said Monday the profit amounted to US$1.16 a share. That compared with a profit of US$55.8 million or 90 cents per share a year ago. Revenue for the company, which reports in U.S. dollars, was $256.1 million, up from $187.2 million a year ago. The average analyst estimate had been for earnings of $1.47 a share, based on nine analysts surveyed by Thomson Financial. The average revenue estimate was for $286 million, based on two analysts. Shares in the company were down $3.23, or about 3.6 per cent, at $86.32 on the Toronto Stock Exchange on Monday afternoon. The company said sales increased from a year ago as a result of higher overall copper production - up 10 per cent to 46,403 tonnes of copper - and a decrease in the copper in concentrate stockpiles at Kansanshi by about 2,000 tonnes of contained copper, compared with the same period in 2006, bringing overall copper-in-concentrate tonnes to 17,300. First Quantum Minerals Ltd.
shares FM:CA are trading down four dollars and seven cents at $85.48.
