First Quantum may ice project expenditure

[miningmx.com] – FIRST Quantum Minerals may delay projects in order to conserve cash as the copper price fell and it struggled with power supply cuts at its Zambian facilities, said Reuters citing management comments.

“In the event of a continued and protracted weakened price environment, we do have options available to us to protect the balance sheet further,” Chairman Clive Newall said on a conference call with analysts.

“Already, we have identified how we can defer a significant amount out of our next year’s Cobre Panama budget without affecting its construction schedule,” Newall said.

The Canadian company recently raised $1.01bn in an equity offering designed to cut debt and fund projects, said Reuters.

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