First Quantum Minerals cuts debt by over $1bn in first quarter

Cobre Panamá mine. (Image by First Quantum Minerals).

Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.

The company in February had announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its “operational objectives.”

The company’s total debt as of March 31 stands at $5.99 billion, down from its previous debt of $7.38 billion.

The copper miner reported a net loss attributable to shareholders of the company at $159 million for the quarter ended March. 31, as the company continues to be impacted by Cobre Panama mine closure. It had posted a profit of $75 million in the year-ago quarter.

The Cobre Panama project, one of the world’s largest open-pit copper mines, was forced to shut down after Panama’s top court ruled that its contract was unconstitutional.

(By Tanay Dhumal; Editing by Shailesh Kuber)


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