Copper miner First Quantum Minerals (FM.TO) reported a net loss for the fourth quarter on Tuesday, as production was hit by the closure of its Cobre Panama mine and it took a charge related to its nickel mining operations.
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 its contract unconstitutional following nationwide protests against its operation.
The company has lost over half its value since the protests began.
Total copper production for the fourth quarter was 160,200 tonnes, compared with 206,007 tonnes in the year-ago quarter. Production at Cobre Panama dropped 30.2%, to 62,616 tonnes in the reported quarter.
The company said it also recorded an impairment charge of $900 million, which includes $854 million at its Ravensthorpe nickel mine as a result of significant margin pressure due to weak nickel prices and high operating costs.
First Quantum said it has signed a $500 million three-year prepay arrangement with Jiangxi Copper to provide copper anode material from the Kansanshi mine in Zambia.
The miner said it is evaluating the possibility of a minority investment by strategic investors in its Zambian business.
The company reported a net loss of $1.45 billion or $2.09 per share, for the quarter ended Dec. 31, compared with a profit of $117 million, or 17 cents per share a year earlier.
