First Quantum Minerals reports Q2 2024 results, net loss of $46 million, increased copper production.

From GlobeNewswire: 2024-07-23 17:01:00

First Quantum Minerals Ltd. reports Q2 2024 results, including a net loss of $46 million. Copper production up 2% from Q1 2024. New Shareholder Rights Agreement established with Jiangxi Copper. Power curtailment in Zambia increases to 40%. Company strategically sourcing additional power to ensure stable operations. Expecting energy deficit to ease in early 2025.

The Shareholder Rights Agreement with Jiangxi Copper formalizes the relationship between the two companies, providing structure and support for sharing best practices. Key provisions include nomination rights, standstill restrictions, limitations on share dispositions, and mutual shareholder support. Agreement set to terminate by July 23, 2027, or when Jiangxi Copper’s ownership falls below 10%.

Zambia’s power curtailment increases to 40%, prompting First Quantum to source additional power from regional sources. Impact on C1 copper cash costs expected to be $0.06 per lb. Short-term substitution with regional imports expected to avoid operational interruptions. Long-term plans include offtake commitments from Independent Power Producers and renewable energy projects.

New president of Panama, José Raúl Mulino, inaugurated on July 1, 2024. In his speech, President Mulino announced plans for infrastructure investments to build transmission lines with Angola and Tanzania. Initiatives include large scale solar/wind project, hydro projects in Zambia, and following developments related to power surplus countries.



Read more at GlobeNewswire:: First Quantum Minerals Reports Second Quarter 2024 Results