Company increased its forecasts for full-year net profit and dividend thanks to stronger-than-expected prices of nickel, copper and gold.

Panama’s tax dispute with First Quantum underscores increasing political risks mining companies face in some regions, CEO John McCluskey says.

“The goal is to discover new deposits that can be the subject of calls for bids, with a view to concluding mutually profitable public-private partnerships,” Felix Tshisekedi said.

The mining industry has been struggling to hit production targets, hurt by everything from floods and droughts to creaking infrastructure and political instability.

Currently, the company produces 200,000 tonnes of copper and 25,000 tonnes of cobalt annually at the mines across the central African copper belt.

Zinc inventories in LME registered warehouses at 16,225 tonnes are at their lowest since June 1989.

More than 200 days of power cuts last year and blackouts every day so far in 2023 have dented confidence.