First Quantum impresses

Better than expected fourth quarter figures kept the rally at First Quantum Minerals intact, and the miner predicts production increases for 2010.It produced 98,528 tonnes of copper and 62,679 ounces of gold in the last three months of 2009, up from 95,635 tonnes and 39,644 ounces a year earlier.Annual production for 2009 increased to 373,940 tonnes of copper from 334,415 last time and 193,288 ounces of gold versus 116,177 ounces the previous year.The group expects production to hit 385,000 tonnes of copper and 240,000 ounces of gold in 2010. Copper output was about 55,400 tonnes for January and February.Net earnings for the period came in at $227.2m compared with a $491.6m loss in 2008, while net revenue of $656.3m topped forecasts for about $577m.