First Quantum Minerals Halts Dividend, Sells Mines After Panama Setback

First Quantum Minerals is taking drastic measures to free up cash after being ordered to close its $10 billion copper operation in Panama, including cutting spending, pausing its dividend, and considering selling smaller mines and stakes in larger assets. The company's market value has been hit hard, and it plans to reduce capital spending by $400 million this year. The closure of its Panama mine has led to uncertainty about the company's finances, with billions of dollars of debt maturing in the coming years. Despite the setbacks, First Quantum remains committed to Panama and is working to address the mine's suspension while also exploring potential takeover interest from rival Barrick Gold Corp.