|Bid||12.21 x N/A|
|Ask||12.25 x N/A|
|Day's Range||11.63 - 12.72|
|52 Week Range||7.84 - 17.36|
|Beta (3Y Monthly)||2.84|
|PE Ratio (TTM)||21.31|
|Forward Dividend & Yield||0.01 (0.09%)|
|1y Target Est||N/A|
It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
(Bloomberg) -- First Quantum Minerals Ltd. shares posted their biggest two-day jump since early 2016, after people with knowledge of the matter said the owner of Africa’s biggest copper mine was drawing preliminary takeover interest from global miners.Vancouver-based First Quantum, which has a market capitalization of C$8.42 billion ($6.35 billion), is working with defense advisers to examine its options, the people said. The company attracted potential buyers after losing about half its value in the five years through Wednesday.The miner hasn’t yet received any formal takeover offers, the people said, asking not to be identified because the information is private.Jiangxi Copper Co., China’s top producer of the metal, has built up a stake of less than 10% in First Quantum in recent months, according to people with knowledge of the matter.Shares of First Quantum climbed 8.1% to close at C$12.21 in Toronto Friday. That takes the gains since Wednesday to 20%, the biggest two-day rally in more than three years.First Quantum controls the open-pit Kansanshi mine in Zambia, which has 340,000 metric tons of annual copper production capacity. The company has been at loggerheads with the government of the southern African country over issues from royalty increases to the planned introduction of a sales tax.It also owns other assets around the world including the Sentinel copper operation in Zambia, Las Cruces in Spain and the Ravensthorpe nickel mine in Western Australia. First Quantum also started ramping up production at the giant Cobre Panama copper development project in the central American country earlier this year.No final decisions have been made, and there’s no certainty the deliberations will lead to any transaction, the people said. Representatives for First Quantum didn’t respond to requests for comment. A representative for Jiangxi Copper said he wasn’t aware of the stake purchase.Copper, used in everything from automobiles to plumbing pipes, has dropped in five of the past six months as trade-war fears heat up and demand appears to be slowing in top-user China. Still, the metal’s long-term prospects are seen as strong amid under-investment in new mine supply and surging usage in electric vehicles.(Updates with closing share price in fifth paragraph.)\--With assistance from Steven Frank and Winnie Zhu.To contact the reporters on this story: Vinicy Chan in New York at email@example.com;Dinesh Nair in London at firstname.lastname@example.org;Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;Liana Baker at email@example.com, ;Luzi Ann Javier at firstname.lastname@example.org, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shares in First Quantum Minerals, developer of a giant copper mine in Panama, jumped by more than 11 per cent on Friday on rumours it could be a takeover target. Talk that First Quantum could be acquired has gained volume in recent weeks, fuelled by rumours that China’s Jiangxi Copper has amassed a near 10 per cent interest in the company through a complex derivatives structure.
Zambia should keep mineral royalties capped at 7.5% in the 2020 budget to safeguard the health of the mining sector and promote additional investment, the Chamber of Mines said on Tuesday. The mining body said in proposals submitted to the finance ministry that the 2019 mining tax regime had raised the tax burden on mines to unsustainable and uncompetitive levels. "If the 1.5% increment on each band of the sliding scale is to be maintained, the maximum rate should be capped at 7.5%, for an LME copper price equalling or exceeding US$7,500/tonne," the Chamber of Mines said.
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Colombia is looking to become a notable producer of copper within the next few years, the head of the national mining agency said, in a bid to diversify its mining output without neglecting production of coal and gold. Mining in Colombia has historically been focused on large coal mines along its northern coast and relatively small scale gold and emerald operations in the Andes. "We have the potential, but we're an unexplored country in terms of copper," said agency president Silvana Habib in an interview on Thursday.
Zambia will fine and break ties with mining firms that fail to operate according to the southern African country's laws, President Edgar Lungu said on Thursday, escalating a dispute with India-listed Vedanta. Vedanta is fighting Zambia's decision last month to name a provisional liquidator to run its Konkola Copper Mines (KCM) business and is seeking international arbitration. Zambia, Africa's second-largest copper producer, says KCM has breached the terms of its licence.
LUSAKA/LONDON/TORONTO (Reuters) - Zambia has no plans to seize the assets of Quantum Minerals Ltd and the copper producer intends to stay in the country despite the government's move to wrest control of a rival miner, government and industry sources told Reuters. Canadian-listed First Quantum has looked on nervously as the Zambian government appointed a provisional liquidator to run Vedanta's Konkola Copper Mines (KCM), claiming KCM has breached the terms of its license. The move has unnerved international miners concerned about rising resource nationalism in Zambia and neighboring countries.
Moody's Investors Service ("Moody's") has today downgraded to Caa1 from B3 the corporate family rating (CFR), to Caa1-PD from B3-PD the probability of default rating (PDR) and to Caa1 from B3 the senior unsecured rating of First Quantum Minerals Ltd (FQM). "Social risk considerations were a key driver of this rating action, which incorporates the increasingly difficult operating environment in Zambia with the proposed introduction of a non-refundable sales tax leading to a downward adjustment of our projections for FQM. Lower forecasted profitability and cash flow generation from the two Zambian copper mines will prevent FQM from meaningful deleveraging over the next 12-18 months despite the ramp up of production at the Cobra Panama mine", says Sven Reinke, Senior Vice President and Moody's lead analyst for FQM.
Canadian miner First Quantum Minerals said on Wednesday it had "fully complied" with local rules in operating Cobre Panama, one of the region's largest copper mines, after Panama's president-elect said he would review the company's contract.
Every investor in First Quantum Minerals Ltd. (TSE:FM) should be aware of the most powerful shareholder groups. Large...
Panamanian President-elect Laurentino Cortizo said on Tuesday his government would review a mining contract awarded to a subsidiary of Canada's First Quantum Minerals, casting a cloud of uncertainty around a key project for the firm. While the new government values the security of contracts, "the company has to respect that we have the right as Panamanians to review clause by clause," Cortizo, who takes office on July 1, told reporters. A spokesman for First Quantum Minerals did not immediately respond to a request for comment.
LUSAKA/JOHANNESBURG (Reuters) - A court hearing between Vedanta and the government of Zambia over control of its Konkola Copper Mines (KCM) business was adjourned on Friday until June 4. The government is pressing for the liquidation of KCM which it has accused of breaching its operating licence. The company faces a lawsuit in the English courts over allegations KCM polluted the land of nearly 2,000 Zambian villagers.
Zambia plans to strip Vedanta-controlled Konkola Copper Mines (KCM) of its mining licence and bring a new investor into the operation, in a move likely to stoke international miners' concerns about rising government intervention in the sector. Zambian President Edgar Lungu announced the plan on Monday, which his spokesman said followed a number of breaches of the terms of the licence, without giving details. Zambia, Africa's second-biggest copper producer, has also proposed tax changes that Lungu says he will push through, despite opposition from international miners which say they will deter investment that Zambia desperately needs.
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