First Quantum is dealing with the fallout from the sudden closure of its flagship Panama copper mine, which accounted for about 40% of its revenue. It has lost more than half its market value since public protests over that mine started in the Central American nation last October.
It announced a series of measures last week to bring down costs, and said it was exploring several options to raise funds, including the sale of smaller mines and bringing in strategic investors for its large mines.
SailingStone Capital Partners owns close to 12.6% of First Quantum shares, according to a regulatory filing, making it among the top ten shareholders of the Toronto-based company.
First Quantum did not offer an immediate comment.
Mackenzie said First Quantum’s guidance on debt management from last week was not specific, but added that SailingStone is confident the mining firm is reviewing all of its options. He said First Quantum has the…
