First Quantum Minerals Ltd. says it earned US$75 million in the first quarter of 2023, down more than 80 per cent from $385 million for the same quarter a year earlier.

The Toronto-based company said it saw a difficult first quarter, with production at its three largest operations down. 

Production dipped at First Quantum's Sentinel and Kansanshi mines due to the rainy season, while the Cobre Panama saw production interrupted amid a dispute between the Panama government and the company over tax and royalty payments. 

The company reached a new deal with Panama in March, and First Quantum says the suspension of exports has been lifted. 

Sales for the quarter ended March 31 were US$1.6 billion, down almost 28 per cent from US$2.2 billion. 

Earnings per diluted share were 11 cents, down from 56 cents a year earlier.