RE:RE:No reaction for good news and perepectivesThe only thing I found was this from earnings commentary from RBC:
February 14, 2019 First Quantum Minerals Ltd. Reports solid operating quarter, increases sustaining capex guidance Impact: Neutral Our view: While our favorable investment thesis remains intact there could be a slight near-term negative reaction from First Quantum shares, despite solid Q4 results, due to an increase in sustaining capex over the next three years and slightly weaker production guidance. Production and sales were pre-released; however, operating costs were better than expected, partially offset by a lower realized copper price. Q4/18 adjusted EPS of $0.26 was above our forecast and consensus of $0.21, while EBITDA of $481M was essentially in line with our forecast of $479M and slightly above consensus of $464M. With first ore introduced to the mill this past week, the focus is squarely on the production ramp-up at Cobre Panama where the company now expects copper concentrate production of 140-175Kt in 2019 (previously +150Kt, RBCe 125Kt). Guidance update: FM revised its three year guidance with an increase to sustaining capex and capitalized stripping from an aggregate $600M to $850M. Copper production guidance came down slightly, mainly due to the land slippage at Las Cruces, which was expected and gold production guidance also fell slightly on weaker expected production from Kansanshi (Exhibit 2). FM noted it expects to complete mining at Las Cruces in 2020, while we modeled production into 2022.