First Quantum exploring rights issue to ease debt

TORONTO: Canadian miner First Quantum Minerals is exploring a rights issue as it seeks to strengthen its balance sheet, following the closure of a key mine in Panama last month that accounted for about 40% of its revenue, two sources familiar with the matter says.

The company has not finalised the terms or timing of the potential rights issue – an invitation to existing shareholders to purchase additional new shares in the company – but it has discussed the option with some shareholders, the people told Reuters.