First Quantum Is Halting Its Dividend and Selling Mines Amid Panama Woes
- Miner is working with banks to extend loan facilities
- Company plans to slash capital spending as output falls
A security barricade at the entrance of the shuttered First Quantum Minerals Ltd. mine in Donoso, Colon province, Panama, on Jan. 9, 2024.
Photographer: Walter Hurtado/BloombergThis article is for subscribers only.
First Quantum Minerals Ltd. will cut spending, pause its dividend and put smaller mines up for sale in a sweeping effort to free up cash after it was ordered to shutter its $10 billion copper operation in Panama.
The Canadian miner said Monday that it’s considering a range of capital-market options to maintain its financial position and is working with banks to “address and extend” its bank loan facilities. It’s also considering selling stakes in larger mining assets after receiving expressions of interest from potential investors.