February 12, 2025 11:36 GMT
EM CEEMEA CREDIT: FMCN: FY24 Results, liquidity remains tight
EM CEEMEA CREDIT
First Quantum Minerals (FMCN: -/Bneg/Bwneg)
FY24 Results, liquidity remains tight
- Aggressive capex plans, high cost of debt and no update on the situation in Panama means liquidity remains tight for FMCN. The co reported FY24 after the close. As expected, (see link below) prod’n and cash costs inline with mid Jan guidance. 4Q EBITDA was marginally ahead of expectations at USD455mn.
- Liquidity and cashflow remains key for FMCN, co. reported operating cash flow of USD1.65bn, capex of USD1.3bn and interest costs of USD501mn, giving free cash flow consumption of USD144mn.
- Net debt was in line with expectations at USD5.5bn at the end of Dec24. FMCN improved its liquidity profile at the beginning of last year by renegotiating covenants on its bank debt, equity injection and debt issuance.
- The Company will host a conference call and webcast to discuss the results on Wednesday, February 12, 2025 at 9:00 am (ET). Toll-free International: +1-647-484-8814
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