As TSX-listed copper miner First Quantum Minerals continues to stabilise and recover from major financial pressure driven by the forced shutdown of its flagship Cobre Panamá mine since 2023, the company reported net earnings attributable to shareholders of $136-million, or $0.16 apiece, in the three months ended June 30.

The company's adjusted loss amounted to $106-million, or $0.13 apiece, in the quarter.

First Quantum generated gross profit of $297-million and earnings before interest, taxes, depreciation and amortisation (Ebitda) of $400-million in the quarter under review, which reflects an improvement year-on-year owing to strong copper sales volumes and higher realised copper prices.

Compared with the same quarter of last year, the company's gross profit increased by $19-million and its Ebitda by $74-million.

The company explains its Ebitda includes losses of $164-million realised under the company's sales hedge programme and a negative Ebitda contribution of $51-million from Cobre Panamá associated with preservation and safe management costs.

First Quantum has since April been able to process already-extracted rock in stockpiles to prevent acid rock drainage at Cobre Panamá. The company has achieved early concentrate production from stockpile processing after the successful restart of one of three milling circuits on site.

Government ordered the mine to shut down following nationwide protests over its environmental impact and the economic benefits flowing to the State, but granted in April this year authorisation for stockpiled ore to be mined to mitigate environmental and operational risks associated with prolonged on-site storage. A final decision on the future of the mine is still pending.

First Quantum further reports its S3 circuit at the Kansanshi copper mine, in Zambia, continues to deliver throughput above design capacity. In fact, the circuit achieved a new monthly high processing rate in May - since commissioning the circuit in August last year.

The company also closed the sale of its Çayeli mine and Cobre Las Cruces project in the second quarter.

Copper concentrate production for the second quarter totalled 100 487 t, which increased by 4% year-on-year owing to higher production at the Sentinel mine, in Zambia, and a 3 216 t contribution from the stockpile processing at Cobre Panamá.

The total stockpile is estimated at approximately 38-million tonnes of mineralized ore at varying grades, containing approximately 70 000 t of recoverable copper, sufficient to support twelve months of processing at current rates.

First Quantum remains on track to meet its full-year guidance of between 405 000 and 475 000 t of copper, between 150 000 and 175 000 oz of gold and between 30 000 and 40 000 t of nickel.