First Quantum reports US$159 million loss in Q1, says balance sheet shored up

By The Canadian Press on April 23, 2024.

The open pit copper mine Cobre Panamá, run by Panamanian Mining company Minera Panamá, a subsidiary of Canada's First Quantum Minerals Ltd., stands in Donoso, Panama, Dec. 6, 2022. THE CANADIAN PRESS/AP-Abraham Teran

TORONTO – First Quantum Minerals Ltd. says it lost US$159 million in its first quarter, down from profits of US$75 million a year earlier.

However, it’s a shallower loss than the US$1.45 billion First Quantum reported in the previous quarter.

CEO Tristan Pascall says the successful completion of a comprehensive refinancing package during the quarter has strengthened First Quantum’s balance sheet significantly.

Last quarter, the company said its ability to continue operating would be in doubt if it could not shore up its balance sheet in light of the shutdown of its Cobre Panamá mine.

Revenues for the latest quarter were US$1.04 billion, down from US$1.56 billion a year earlier.

Loss per diluted share was 21 cents US, compared with earnings of 11 cents for the same quarter last year.

This report by The Canadian Press was first published April 23, 2024.

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