First Quantum Minerals Reports Improved Q2 Performance and Cobre Panamá Progress
First Quantum Minerals reported improved second-quarter results, with copper production rising 4% sequentially to over 100,000 metric tons. Revenue increased by 8% year-over-year to $1.5 billion, while EBITDA climbed 23% to $400 million, driven by higher copper prices and stronger output from its Zambian operations. The company began processing stockpiled ore at Cobre Panamá ahead of schedule in June after recommissioning the Train 3 milling circuit. It expects first concentrate shipments in August but noted that a full restart depends on government approvals and workforce expansion to reach approximately 6,000 employees from its current level of about 3,000. Despite improved operational performance, financial risks remain high due to rising net debt ($5.4 billion), increased fuel costs, prior hedge losses, and exposure to spot copper prices after completing the hedging program.
Topics: Cobre Panamá restart copper production EBITDA increase revenue growth