05:35 PM EDT, 10/22/2024 (MT Newswires) -- First Quantum Minerals ( FQVLF ) on Tuesday said its third-quarter adjusted profit fell year-over-year as its financial results continue to be impacted by the forced closure of the company's Cobre Panama project.

The company said its adjusted profit, excluding most one-time items, fell to US$119 million, or US$0.14 per share, in the quarter, down from and adjusted profit of US$359 million, or US$0.52, in the year-prior period.

Revenue fell to US$1.28 billion from US$2.03 billion a year earlier.

Net debt rose by $154 million this quarter, mainly due to planned spending at the Kansanshi mine in Zambia and an increase in working capital. As of Sept. 30, net debt was $US5.59 billion, with total debt at US$6.28 billion.

In a Cobra Panama update the company said that it continues to engage with local authorities for the approval of its preservation and safe management program for the mine.

Chief Executive Officer Tristan Pascall said that operational performance in Zambia was "strong" but was marred by an accident in September that resulted in the death of a colleague at Kansanshi.

"The S3 Expansion continues to make good progress for production in the second half of 2025," he added.

First Quantum shares closed up $0.36 to $18.37 on the Toronto Stock Exchange.