First Quantum Minerals Ltd. has completed two key financing deals to raise a total of more than US$2 billion that it plans to use to repay other debt and for general corporate purposes.

The refinancing comes as the company pursues an international arbitration process over Panama's decision to effectively shut down the company's copper mine in the country.

First Quantum chief executive Tristan Pascall says the successful completion of the refinancing has strengthened the company's balance sheet and will enable it to deliver on an expansion at its Kansanshi mine in Zambia.

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The company said it has issued 139,932,000 shares at a price of C$11.10 per share for gross proceeds of C$1.55 billion or about US$1.15 billion.

In addition to the share offering, First Quantum said it closed an offering of US$1.6 billion in senior secured second lien notes that are due in 2029.

First Quantum has also amended and extended its US$2.2-billion corporate bank facilities.

This report by The Canadian Press was first published Feb. 29, 2024.