Mining major First Quantum Minerals (TSE:FM) saw shares race up in Toronto after it announced a big cost-cutting exercise in the wake of the fall in copper prices.
The firm wants to slash outstanding debt by at least US$1 billion within six months.
It says it will also cut 644 jobs, reduce salaries by up to 20% and lowered the cost target for its flagship Cobre Panama project by 7% to US$5.95bn.
Copper future contracts are currently pricing the industrial metal at about US$2.34 a pound, down from about $3 at year ago.
The firm made the announcement after market close yesterday, where they finished at C$6.19.
Today, shares are up in Toronto 18.42% to C$7.33.
As well as reduced spending on the Panama project, it is aiming to reschedule about $700 million in other capital programmes.