- Write by:
-
Thursday, January 18, 2024 - 19:16:38
-
61 Visit
-
Print
First Quantum Minerals, opens new tab on Tuesday offered voluntary retirement to more than 1,500 employees at its key Panama mine, a day after announcing a major restructuring to conserve cash, which included suspension of dividends.
The Canadian miner is dealing with the fallout of the Panama government’s decision in December to halt production at Cobre Panama mine following public protests, which accounted for more than 40% of the company’s annual revenue and is considered one of the biggest and newest copper mines in the world.
Because of the closure of the mine, Cobre Panama in December requested government authorization to lay off more than 4,000 of its employees.
Tuesday’s retirement offer is the second such plan announced by the company in Panama, and a total of 2,900 employees have now accepted the scheme, the company said.
The copper-gold miner had also announced job cuts in its nickel mine in Ravensthorpe at western Australia on Monday.
Since the big blow in Panama, First Quantum has been looking at ways to shore up its finances. The company has said it is exploring sale of smaller mines and looking to bring strategic equity partners for its large mines.
Reuters reported this month that First Quantum is in talks with it biggest shareholder Jiangxi Copper Co, opens new tab about selling stakes in its Zambian mines.
Scotiabank Global Equity Research said in note that First Quantum’s guidance on its restructuring and production remains neutral for the shares and it counts elevated geopolitical risks in Panama and Zambia as key risks for the company.
First Quantum shares closed with 1.27% gain at the end of trading at the Toronto Stock Exchange, while the benchmark index closed down by 0.54%.
Short Link:
https://www.miningnews.ir/En/News/627883
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
No comments have been posted yet ...