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File photo of heavy machinery at a First Quantum Minerals' copper mine in Congo.© Katrina Manson / Reuters

First Quantum Minerals is seeking to slash outstanding debt by at least $1-billion (U.S.) within six months as it scales back spending to offset low copper prices.

The Vancouver-based company has also cut 644 people from its work force, reduced salaries by up to 20 per cent and lowered the cost target for its flagship Cobre Panama project by seven per cent, to $5.95-billion.

"Even at current commodity prices, Cobre Panama remains economically highly attractive," the company said late Monday.

"The initiatives now being undertaken are aimed at protecting against disruption to the planned timetable to completion for Cobre Panama and importantly, the current strong support of the company's lenders is maintained."

Copper future contracts are currently pricing the industrial metal at about $2.34 a pound, down from about $3 at year ago.

First Quantum said it's committed to reducing its outstanding debt by more than $1-billion through a combination of asset sales and other strategic initiatives by the end of the 2016 first quarter.

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SymbolName% changeLast
FM-T
First Quantum Minerals Ltd
-2.13%14.69

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