05:35 PM EDT, 04/23/2024 (MT Newswires) -- First Quantum Minerals ( FQVLF ) on Tuesday said it swung to a first-quarter loss after the company was forced last year to suspend operations at its massive Cobre Panama copper and gold mine when its contract with the government was ruled to be unconstitutional by Panama's supreme court.

The company posted an adjusted loss, excluding most one-time items, of US$154 million, or US$0.20 per share, in the period, compared with an adjusted profit of US$76 million, or US$0.11, in the year-prior period. The result lagged the consensus analyst estimate of a US$0.13 per share adjusted loss, according to Capital IQ.

First Quantum undertook a massive refinancing deal earlier this year after its operations in Panama came under threat of closure, as the court ruling followed on protests against the mine and a blockade of its port.

"The successful completion of a comprehensive refinancing package during the first quarter of this year has strengthened the company's balance sheet significantly and it has unlocked the time and financial headroom needed to secure the successful delivery of the Kansanshi S3 Expansion. The company's outlook reflects First Quantum's enduring commitment to the success of our Zambian operations. We recognize the challenges Zambia faces from the drought this year, particularly in regard to food security, even as we are pleased to be finalizing agreements to ensure adequate power supply to Trident and Kansanshi. Beyond this, the company remains focused on evaluating additional measures to manage its balance sheet ever more prudently," said Tristan Pascall, Chief Executive Officer of First Quantum, in a statement.

On Panama, Pascall added: "Panama holds its presidential election in early May and a new president will be inaugurated in July. Clearly, throughout this period of change, the environmental stability and asset integrity of Cobre Panama remains a priority for the company. First Quantum will continue to work with the current administration to implement the Cobre Panama Preservation and Safe Management plan."

First Quantum shares closed down C$0.41 to C$15.52 on the Toronto Stock Exchange.