The Globe and Mail reports in its Thursday edition that First Quantum Minerals has announced a multi-billion dollar financing package to strengthen its balance sheet, which had been weakened by the shutdown of its Cobre Panama mine. The Globe's Niall McGee writes that late Wednesday, the miner said it had refinanced $2.2-billion of its corporate bank loans with longer maturity dates (all figures U.S.). It had raised $1-billion in a common share offering and was set to raise another $1.6-billion in a debt note sale. The financing comes after First Quantum had flagged itself as a "going-concern" risk because of the financial pressure that had built up on it in recent months. First Quantum said it was in danger of breaching its net debt to earnings before interest, taxes, depreciation and amortization ratio covenant over the next 12 months. First Quantum said, "Failure to address this would result in the existence of a material uncertainty that may cast a significant doubt about the company's ability to continue as a going concern." The fresh financing should go a long way toward countering the going-concern risk. The miner said it was in talks with lenders to refinance and extend the amortization period on its debt.