First Quantum reports loss in Q4 2023 over Panama woes

First Quantum Minerals has published a net loss as a consequence of shareholders of $1.45m (C$1.96m) for Q4 2023, in comparison with a $1.17m profit inside the equal period of 2022.

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In the 3-month-length that ended 31 December 2023, the organization’s EBITDA (income before hobby, taxes, depreciation and amortization) stood at $273m, marking a fifty seven.Eight% slump from $647m in Q4 2022.

The miner’s net debt improved to $6.42bn at the cease of December 2023, largely due to a one-time payment of $567m to the Government of Panama for taxes and royalties.

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First Quantum’s performance this zone was considerably laid low with manufacturing suspension at the Cobre Panamá mine at the stop of November 2023, while the mine entered renovation and secure preservation (P&SM).

Additionally, almost 121,000 dry tonnes of copper listen from Cobre Panamá remained unsold because of disruptions on the Punta Rincón port.

An impairment rate of $900m turned into recognized, which incorporates $854m at Ravensthorpe due to margin stress from susceptible nickel expenses, decrease payabilities and excessive working costs.

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