First Quantum Posts Q4 $1.4B Loss, Management Remains Optimistic on Restructuring
First Quantum Posts Q4 $1.4B Loss, Management Remains Optimistic on Restructuring
Canadian miner $First Quantum Minerals Ltd (FM.CA)$ reported a net earnings loss of $1.44 billion for Q4 2023 and a full-year net profit of $1.29 billion. The full-year result is about $900 million less than the company earned in 2022.
加拿大矿工 $First Quantum Minerals Ltd (FM.CA)$ 报告称，2023年第四季度净收益亏损14.4亿美元，全年净利润为12.9亿美元。全年业绩比该公司2022年的收入减少了约9亿美元。
The closure of the top asset, the Cobre Panama mine, was the main contributor to this result. The Panama Supreme Court suspended the open-pit copper mine in November, deeming the 20-year concession agreement unconstitutional.
主要资产——巴拿马科布雷矿的关闭是这一结果的主要原因。巴拿马最高法院于11月暂停了露天铜矿，认为为期20年的特许权协议违宪。
One of the world's largest open-pit copper mines faced blockades and protests by environmentalists and nationalists, causing operational challenges for the company. The mine's closure led to a 28% decrease in total copper production in the fourth quarter, totaling 160,200 tons. Specifically, Cobre Panamá's output dropped by 30.2%, contributing to a net loss for the quarter.
世界上最大的露天铜矿之一面临环保主义者和民族主义者的封锁和抗议，这给该公司带来了运营挑战。该矿的关闭导致第四季度的铜总产量下降了28％，总产量为160,200吨。具体而言，Cobre Panama的产量下降了30.2％，导致该季度的净亏损。
The firm estimates $15-20 million in monthly costs for maintenance for the closed site; thus, the company's management is implementing several measures and initiatives to manage its balance sheet effectively.
该公司估计，封闭场地的每月维护费用为1500万至2,000万美元；因此，该公司的管理层正在实施多项措施和举措来有效管理其资产负债表。
"2023 closed with the Company facing one of its biggest challenges in recent history. However, I am confident in the resilience of First Quantum and the determination of our teams to work through these challenges," said CEO Tristan Pascall.
“2023年结束时，公司面临着近代历史上最大的挑战之一。但是，我对First Quantum的韧性以及我们的团队应对这些挑战的决心充满信心。” 首席执行官特里斯坦·帕斯卡尔说。
The company has suspended its dividend, reduced planned capital programs by $400 million in 2024 and $250 million in 2025, and is actively working on refinancing near-term debt maturities. At the end of 2023, First Quantum had a net debt of $6.4 billion and its earnings before interest, taxes, depreciation and amortization (EBITDA) were $2.3 billion.
该公司已暂停分红，在2024年将计划资本计划减少4亿美元，在2025年减少2.5亿美元，并正在积极为短期债务进行再融资。2023年底，First Quantum的净负债为64亿美元，其扣除利息、税项、折旧和摊销前的收益（息税折旧摊销前利润）为23亿美元。
Pascall highlighted the signing of a $500 million three-year prepay arrangement with Jiangxi Copper, the company's second-largest shareholder, regarding the supply of copper anode material from the Kansanshi mine in Zambia.
帕斯卡尔强调了与该公司第二大股东江西铜业签署的5亿美元三年期预付款协议，内容涉及从赞比亚坎桑希矿供应铜阳极材料。
"This arrangement is a reminder of the strategic nature of copper as supply challenges abound across the sector," he stated.
他说：“这种安排提醒人们铜的战略性质，因为整个行业的供应挑战比比皆是。”
The company engaged in selling smaller assets and minority stakes in larger assets. The sale of the Las Cruces mine in Spain is well-advanced, with strong interest from credible counterparties due to its strategic location and processing capabilities. The Las Cruces plant efficiently processes LME-grade copper with minimal water and energy use.
该公司从事出售较小资产和较大资产的少数股权。西班牙拉斯克鲁塞斯矿的出售进展顺利，由于其战略位置和加工能力，引起了可靠交易对手的浓厚兴趣。拉斯克鲁塞斯工厂以最少的水和能源消耗高效处理 LME 级铜。
Additionally, First Quantum is evaluating the possibility of a minority investment by strategic investors in its Zambian business following expressions of interest. Pascall noted Zambia's improving investment climate, emphasizing the company's commitment to the S3 Expansion at Kansanshi.
此外，在表示意向后，First Quantum正在评估战略投资者对其赞比亚业务进行少数股权投资的可能性。帕斯卡尔注意到赞比亚的投资环境有所改善，强调了该公司对坎桑希S3扩张的承诺。