High copper prices lift First Quantum profits

Canada’s First Quantum Minerals (FM.TO:Quote) reported a 37 percent rise in its first-quarter profit, as declines in copper production were more than offset by gains in the price of the metal.

The Africa-focused miner said net income in the quarter ended March 31 rose to $206.7 million, or $2.41 a share, up from a year-ago profit of $150.3 million, or $1.86 a share.