|First Quantum Minerals Ltd. - FM.t is an established mining and metals company operating seven mines and developing five projects worldwide.|
The Company’s operations are the Kansanshi copper-gold mine, the Guelb Moghrein copper-gold mine, the Las Cruces copper mine, the Kevitsa nickel-copper-PGE mine, the Pyhäsalmi copper-zinc mine, the Ravensthorpe nickel-cobalt mine, and the Çayeli copper-zinc mine.
The Globe and Mail reports in its Wednesday, Oct. 7, edition that First Quantum Minerals ($7.49 (Canadian)) is seeking to reduce outstanding debt by at least $1-billion (U.S.) within six months as it scales back spending to offset low copper prices. A Canadian Press dispatch to The Globe reports that the Vancouver-based company has also cut 644 people from its employee roster, reduced salaries by up to 20 per cent and lowered the cost target for its flagship Cobre Panama project by 7 per cent to $5.95-billion (U.S.).
On Monday First Quantum said: "Even at current commodity prices, Cobre Panama remains economically highly attractive. 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 (U.S.) a pound, down from about $3 (U.S.) at year ago. First Quantum said it is committed to reducing its outstanding debt by more than $1-billion (U.S.) through a combination of asset sales and other strategic initiatives by the end of the 2016 first quarter.