CMOC last year became the world's No. 1 cobalt mining company with production of some 55,000 tons.

The company is talking to a range of financing partners to raise money for a restart of its Konkola Copper Mines unit.

Quirk will assume full responsibility for executive management of the business effective June 11.

The Panama copper mine accounted for about 40% of First Quantum's revenue and its closure led to a near-halving of the company's market value.

Production at Codelco's mines is seen ticking up to 1.353 million tons in 2024, CEO Ruben Alvarado told Reuters.

Zambia is Africa's second-largest copper producer.

The decline was driven by a 16% drop in earnings for the metal recycling segment.

Copper prices rose for the first time in five sessions on Tuesday.