First Quantum profit surges on copper output while Intact takes a catastrophe-claims hit
First Quantum Minerals reported net earnings of $384 million in the second quarter, up from $127 million a year earlier, driven by a 19% increase in copper production at its Cobre Panama mine. The Vancouver-based miner shipped 221,000 tonnes of copper in the quarter, the highest output since operations resumed in March 2025 following a four-month suspension over water-use permit disputes with Panamanian regulators.
Copper averaged US$4.63 per pound during the quarter, up from US$3.87 in the prior year. First Quantum's production cost per pound fell to US$2.14 from US$2.41, partly because fixed costs spread across higher output and partly because the company renegotiated power contracts at Cobre Panama in late 2025. The mine now accounts for 62% of First Quantum's total copper production, up from 54% two years ago.
When catastrophe claims double
Intact Financial, Canada's largest property and casualty insurer, reported net operating income of $512 million for the second quarter, down 23% from $667 million a year earlier. Catastrophe claims hit $892 million, more than double the $421 million recorded in Q2 2025. The increase came from severe hail in Alberta in June and flooding in Quebec in May, both events crossed into the top-10 most expensive Canadian catastrophe claims on record.
Intact's combined ratio, which measures claims and expenses against premiums, rose to 94.1% from 89.3%. Anything below 100% means the insurer is profitable on underwriting alone. The company has raised premiums by an average of 7.2% across personal lines in 2026, following a 6.8% increase in 2025, to offset what CEO Charles Brindamour described as "the new baseline for weather volatility in this country."
Intact holds roughly 16% of the Canadian property insurance market. It reinsures about 40% of catastrophe exposure.
First Quantum Minerals reported net earnings of $384 million in the second quarter, up from $127 million a year earlier, driven by a 19% increase in copper production at its Cobre Panama mine. The Vancouver-based miner shipped 221,000 tonnes of copper in the quarter, the highest output since operations resumed in March 2025 following a four-month suspension over water-use permit disputes with Panamanian regulators.
Copper averaged US$4.63 per pound during the quarter, up from US$3.87 in the prior year. First Quantum's production cost per pound fell to US$2.14 from US$2.41, partly because fixed costs spread across higher output and partly because the company renegotiated power contracts at Cobre Panama in late 2025. The mine now accounts for 62% of First Quantum's total copper production, up from 54% two years ago.
When catastrophe claims double
Intact Financial, Canada's largest property and casualty insurer, reported net operating income of $512 million for the second quarter, down 23% from $667 million a year earlier. Catastrophe claims hit $892 million, more than double the $421 million recorded in Q2 2025. The increase came from severe hail in Alberta in June and flooding in Quebec in May, both events crossed into the top-10 most expensive Canadian catastrophe claims on record.
Intact's combined ratio, which measures claims and expenses against premiums, rose to 94.1% from 89.3%. Anything below 100% means the insurer is profitable on underwriting alone. The company has raised premiums by an average of 7.2% across personal lines in 2026, following a 6.8% increase in 2025, to offset what CEO Charles Brindamour described as "the new baseline for weather volatility in this country."
Intact holds roughly 16% of the Canadian property insurance market. It reinsures about 40% of catastrophe exposure.
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