First Quantum Minerals Reports Q2 Earnings Growth and Panama Progress

First Quantum Minerals Ltd. reported second-quarter 2026 net earnings attributable to shareholders of $136 million, a significant increase from the $18 million recorded during the same period last year. The company generated $1.5 billion in sales revenue and produced 100,487 tonnes of copper, supported by increased output at the Sentinel mine in Zambia and the start of stockpiled ore processing at Cobre Panamá in May 2026.

First Quantum Minerals is currently recovering from the 2023 forced shutdown of the Cobre Panamá mine, which occurred after the Supreme Court of Panama ruled its government concession unconstitutional. Following a decision in April 2026, the Panamanian government allowed the company to process and export stockpiled ore to mitigate environmental risks. A recent independent audit found the mine broadly compliant with an 87.7% rating, leading the Government of Panama to establish a ministerial committee to review the findings.

Despite the earnings growth, the company reported an adjusted loss of $106 million due to $164 million in losses from its sales hedge program. First Quantum also realized a $271 million gain from the sale of the Çayeli mine and Cobre Las Cruces project. While the company maintained its 2026 production guidance, it noted that fuel prices and Zambian kwacha exchange rates could increase costs.