Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
The company in February had announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its “operational objectives.”
The company’s total debt as of March 31 stands at $5.99 billion, down from its previous debt of $7.38 billion.
The copper miner reported a net loss attributable to shareholders of the company at $159 million for the quarter ended March. 31, as the company continues to be impacted by Cobre Panama mine closure. It had posted a profit of $75 million in the year-ago quarter.
The Cobre Panama project, one of the world’s largest open-pit copper mines, was forced to shut down after Panama’s top court ruled that its contract was unconstitutional.
