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.
加拿大礦工 $First Quantum Minerals Ltd (FM.CA)$ 報告稱，2023年第四季度淨收益虧損14.4億美元，全年淨利潤爲12.9億美元。全年業績比該公司2022年的收入減少了約9億美元。
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.
主要資產——巴拿馬科佈雷礦的關閉是這一結果的主要原因。巴拿馬最高法院於11月暫停了露天銅礦，認爲爲期20年的特許權協議違憲。
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.
世界上最大的露天銅礦之一面臨環保主義者和民族主義者的封鎖和抗議，這給該公司帶來了運營挑戰。該礦的關閉導致第四季度的銅總產量下降了28％，總產量爲160,200噸。具體而言，Cobre Panama的產量下降了30.2％，導致該季度的淨虧損。
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.
該公司估計，封閉場地的每月維護費用爲1500萬至2,000萬美元；因此，該公司的管理層正在實施多項措施和舉措來有效管理其資產負債表。
"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年結束時，公司面臨着近代歷史上最大的挑戰之一。但是，我對First Quantum的韌性以及我們的團隊應對這些挑戰的決心充滿信心。” 首席執行官特里斯坦·帕斯卡爾說。
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.
該公司已暫停分紅，在2024年將計劃資本計劃減少4億美元，在2025年減少2.5億美元，並正在積極爲短期債務進行再融資。2023年底，First Quantum的淨負債爲64億美元，其扣除利息、稅項、折舊和攤銷前的收益（息稅折舊攤銷前利潤）爲23億美元。
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.
帕斯卡爾強調了與該公司第二大股東江西銅業簽署的5億美元三年期預付款協議，內容涉及從贊比亞坎桑希礦供應銅陽極材料。
"This arrangement is a reminder of the strategic nature of copper as supply challenges abound across the sector," he stated.
他說：“這種安排提醒人們銅的戰略性質，因爲整個行業的供應挑戰比比皆是。”
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.
該公司從事出售較小資產和較大資產的少數股權。西班牙拉斯克魯塞斯礦的出售進展順利，由於其戰略位置和加工能力，引起了可靠交易對手的濃厚興趣。拉斯克魯塞斯工廠以最少的水和能源消耗高效處理 LME 級銅。
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，在表示意向後，First Quantum正在評估戰略投資者對其贊比亞業務進行少數股權投資的可能性。帕斯卡爾注意到贊比亞的投資環境有所改善，強調了該公司對坎桑希S3擴張的承諾。