Canada-based mining company First Quantum Minerals has reported sales revenues of $2.95bn for the 12-month period of the 2012 fiscal ended 31 December.

The figure concludes a growth of 14% over the sales revenue of $2.58bn during the year 2011.

First Quantum stated that the rise in the revenues is driven by high copper and gold production from projects at Ravensthorpe and Kevitsa.

During 2012, it produced 307,115 tonnes of copper, a growth of 16% over the previous year, while gold production increased 15% to 201,942 ounces, year-on-year.

Both the metals were produced from Kansanshi which yielded higher recoveries and from first contribution from Kevitsa project.

It also produced 36,759 tonnes of nickel during the first full year of production at Ravensthorpe.

However, the gross profits were down by 16% to $1.1bn for the year from $1.3bn recorded in 2011 attributable to the 9% drop in copper prices.

For the fourth quarter, the sales revenues peaked to 37% to $774.6m compared to $567.3m generated in similar quarter of 2011.

Gross profits also witnessed positive growth for the three-month period with $295m, a growth of 61% over $182.7m in 2011.

Meanwhile, copper production increased by 26% over the fourth quarter of 2011, alongside 48% year-on-year increase in gold production during the period.

Full quarter of commercial production at Ravensthorpe and Kevitsa operations yielded 78% increase in nickel produced.