SailingStone Capital Partners, a shareholder in First Quantum Minerals, said on Monday it had told the Canadian miner about historic “missed opportunities” in the management of its balance sheet and a range of options to bring down its leverage.


“We have expressed our view to the company on the range of options that are (there) and some of the missed opportunities around how they managed the balance sheet and their hedge book and what the priorities are …,” MacKenzie Davis, a managing partner at the investment firm, told Reuters in an interview.

First Quantum is dealing with the fallout from the sudden closure of its flagship Panama copper mine, which accounted for about 40% of its revenue. It has lost more than half its market value since public protests over that mine started in the Central American nation last October.

It announced a series of measures last week to bring down costs, and said it was exploring several options to raise funds, including the sale of smaller mines and bringing in strategic investors for its large mines.

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