05:46 PM EST, 03/05/2024 (MT Newswires) -- Franco-Nevada ( FNV ) edged down in after-hours New York trading after the company on Tuesday said it swung to a fourth-quarter loss on charges following the forced suspension of operations at First Quantum Minerals (FM.TO) Cobre Panama mine, one of the royalty and streaming company's largest investments.

The company said it lost US$982.5 million, or US$0.90 per share, in the period, compared with a profit of US$165 million, in the year-prior quarter. The loss came as it took US$1.17 billion charges to lower the value of its Cobre Panama investment on its books.

Adjusted profit, which excludes one-time items, rose 4.9% to US$172.9 million, or US$0.90 per share, from US$164.9 million, or US$0.86. The result topped the average analyst estimate for the measure of US$0.81 per share, according to Capital IQ.

Revenue fell 5.3% to US$303.3 million from US$320.4 million.

The US$1.17-billion charge came on the forced suspension of operations at Cobre Panama, after First Quantum's contract for operations with the government of Panama was ruled as invalid by the country's supreme court following widespread public protest. Franco-Nevada ( FNV ) plans to launch an arbitration under the Canada-Panama Free Trade Agreement and estimates damages at US$5 billion.

"In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset. Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long-duration, diversified portfolio," chief executive Paul Brink said in a release.

Franco-Nevada ( FNV ) were last seen down US$0.52 to US$112.00 after hours. They closed up C$4.47 to C$153.01 on the Toronto Stock Exchange.