FQVLF - First Quantum Reports $1.4B Loss In Q4 Management Remains Optimistic About Restructuring | Benzinga
Canadian miner First Quantum Minerals (OTCPK: FQVLF) reported a net earnings loss of $1.44 billion for Q4 2023 and a full-year net profit of $1.29 billion. The full-year result is about $900 million less than the company earned in 2022.
The closure of the top asset, the Cobre Panama mine, was the main contributor to this result. The Panama Supreme Court suspended the open-pit copper mine in November, deeming the 20-year concession agreement unconstitutional.
One of the world's largest open-pit copper mines faced blockades and protests by environmentalists and nationalists, causing operational challenges for the company. The mine’s closure led to a 28% decrease in total copper production in the fourth quarter, totaling 160,200 tons. Specifically, Cobre Panamá’s output dropped by 30.2%, contributing to a net loss for the quarter.
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