First Quantum Minerals Posted Net Loss in Q4 2023

SEATTLE (Scrap Monster): Toronto-headquartered First Quantum Minerals Ltd. reported results for the three-months and the year ended 31^st December, 2023.

In Q4 2023, it posted a net loss attributable to shareholders of $1,447 million or $2.09 loss per share and an adjusted loss of $259 million or $0.37 adjusted loss per share. For the full year 2023, the company reported net loss attributable to shareholders of $954 million or $1.38 basic loss per share. The adjusted earnings for the year stood at $261 million, said the company press release.

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The copper production totalled 160,200 tonnes in Q4 last year, down by 28% from Q3 production of 221,550 tonnes. The quarterly dip in output was mainly attributed to the lower production at the all three of its operations, mainly Cobre Panama. For 2024, the company foresees copper production to range between 370,000 and 420,000 tonnes. Furthermore, the production is expected to increase to 400,000-460,000 tonnes in 2025 and 2026.

Tristan Pascall, Chief Executive Officer of First Quantum commented that the company has signed a $500 million copper prepay arrangement at competitive terms with Jiangxi Copper since the reporting period. He thanked all the employees for their continued perseverance and hard work, especially in the challenging times.