The Central American country's newly elected president has indicated he will address the closure of the copper mine once his social reform agenda passes, perhaps in the second quarter or half of this year, said Evan Mann, a senior high-yield analyst at research firm Gimme Credit.
First Quantum is also exploring the possible sale of a minority stake in its Kansanshi and Sentinel mines in Zambia, a move that could further strengthen its balance sheet, Gimme Credit's Mann said.
Mann said in a report on Tuesday that the company’s fourth-quarter revenues rose 3% year over year to US$1.3bn “as higher copper and gold prices and shipments from Kansanshi more than offset the partial loss of production at Cobre Panama in the year ago period.”
"The proposed new bond offering would help push out the next significant bond maturity and provide even greater flexibility," said Mann.