|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||7.26 - 7.50|
|52 Week Range||5.91 - 12.50|
|Beta (3Y Monthly)||2.38|
|PE Ratio (TTM)||12.95|
|Forward Dividend & Yield||0.01 (0.10%)|
|1y Target Est||21.93|
Zambia will not replace its value-added tax (VAT) with a non-refundable sales tax as previously planned, Finance Minister Bwalya Ng'andu said on Friday, in a concession to mining companies that had fiercely opposed the proposal. Zambia, Africa's second-largest copper producer, is grappling with high debt levels and the effects of a severe regional drought which has depressed economic growth. The sales tax plan had been a major bone of contention between government and the mining industry, a critical sector.
(Bloomberg) -- First Quantum Minerals Ltd., the owner of Africa’s biggest copper mine, headed for the biggest loss in seven weeks after the company said it hasn’t engaged in any discussions regarding a takeover bid or other change of control transaction.The miner “is aware of speculation regarding a potential transaction involving Jiangxi Copper Co.,” First Quantum said in a statement. “The company confirms that discussions regarding a potential sale of a minority interest in First Quantum’s Zambian copper assets have occurred and are continuing. No transaction has been agreed upon and there is no guarantee that a transaction will be achieved.”First Quantum became attractive to global miners after its market value had tumbled by almost half in the past five years. Last week, people familiar with the matter said First Quantum hasn’t yet received any formal takeover offers, but it has hired defense advisers to examine its options. The people asked not to be identified because the information is private.Jiangxi Copper, 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.First Quantum shares dropped as much as 12% to C$10.72 in Toronto trading before paring losses to C$10.88 at 10:35 a.m. The Canadian company posted the biggest two-day gain in more than three years on Friday.First Quantum would likely best fit with Rio Tinto Group as the global miner seeks to diversify away from iron ore, a Liberum analyst said in a research note. Potential buyers may include several Chinese firms, National Bank analyst Shane Nagle, said in a note last week.The list of potential buyers for the Canadian miner will likely be short because most diversified miners have exited Zambia, home to First Quantum’s Kansanshi mine, or show little interest in the area, Patrick Jones, an analyst at JPMorgan Chase & Co., said in a note last week.(Updates to add analysts’ comments in seventh paragraph.)\--With assistance from William Canny.To contact the reporters on this story: Joe Richter in New York at firstname.lastname@example.org;Vinicy Chan in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, ;Ben Scent at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canada's main stock index fell from record highs on Monday as fresh signs of weakness in the euro zone and worries about a U.S.-China trade deal kept investors on the sidelines, while shares in First Quantum Minerals Ltd slumped 10% after the miner denied takeover talks. * First Quantum was the biggest decliner on the main index after it said it had no knowledge of any potential takeover bids but confirmed it was in talks with Jiangxi Copper for a potential sale of a minority interest in its Zambian copper assets. * Shares of Osisko Gold Royalties Ltd followed with a 7.2% fall after the miner said it would buy Barkerville Gold Mines for C$338 million.
Canada's First Quantum Minerals Ltd said on Monday it had no knowledge of any potential takeover bids but confirmed it was in talks with Jiangxi Copper Co Ltd for a potential sale of a minority interest in its Zambian copper assets. The company's shares have risen about 20% since Bloomberg reported on Thursday that First Quantum was attracting preliminary takeover interest and is working with defense advisers to weigh its options. International miners such as First Quantum have also looked on nervously as the Zambian government appointed a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM), claiming KCM has breached the terms of its licence.
Germany's North Channel Bank has been fined 110 million Danish crowns ($16.2 million) by a court in Denmark for its involvement in a dividend stripping scheme. Denmark's tax authorities have said they lost around $2 billion in the so-called tax stripping scandal that hit several countries across Europe including Germany, Belgium and Austria. The fine marks the first court ruling on the scam in Denmark where the government is trying to recover the money.
(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 firstname.lastname@example.org;Dinesh Nair in London at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com, ;Liana Baker at firstname.lastname@example.org, ;Luzi Ann Javier at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TORONTO, June 24, 2019 /CNW/ - First Quantum Minerals Ltd. ("First Quantum" or "the Company") (FM.TO) announced today that the first shipment of copper concentrate from Cobre Panama has left port. This shipment is the first from the operation and a significant milestone of the ongoing ramp-up. Cobre Panama is the Company's newest operation located in the district of Donoso, Colon province, in the Republic of Panama, which commenced production earlier in the year. The Missy Enterprise (a Panama flagged vessel), departed the Punta Rincon port at Cobre Panama on June 19, 2019 with a total load of 31,377 wet metric tonnes of copper concentrate as per the Captain's draft survey. The next vessel, the Clarke Quay, has already docked at the Cobre Panama port and will be loading approximately 44,000 wet metric tonnes of copper concentrate over the next few days.
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.
The Vancouver, British Columbia-based company said it had net income of 8 cents per share. Earnings, adjusted for non-recurring costs, were 14 cents per share. The metal and minerals mining company posted ...
TORONTO , April 2, 2019 /PRNewswire/ -- First Quantum Minerals Ltd. ("First Quantum" or "the Company") (TSX: FM) will publish its first quarter 2019 financial and operating results ...
On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 29 cents. Earnings, adjusted for non-recurring gains, came to 26 cents per share. The metal and minerals mining ...
(In United States dollars, except where noted otherwise) TORONTO , Feb. 14, 2019 /PRNewswire/ -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM) today reported ...
TORONTO , Feb. 14, 2019 /PRNewswire/ -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM) today announced that its Board of Directors has approved a final dividend ...