Ticker Symbol: C:FM C:HBM C:LUN C:TCK
Globe says resource sell-off hits First Quantum, others
First Quantum Minerals Ltd (C:FM)
Shares Issued 688,967,162
Last Close 9/28/2015 $4.65
Tuesday September 29 2015 - In the News
Also Hudbay Minerals Inc (C:HBM) In the News
Also Copper Mountain Mining Corp In the News
Also Lundin Mining Corp (C:LUN) In the News
Also Teck Resources Ltd (C:TCK) In the News
The Globe and Mail reports in its Tuesday edition Glencore PLC's shares plunged 30 per cent on growing fears about the company's debt levels. The Globe's Rachelle Younglai writes the Swiss-based mining and trading company, one of the world's biggest producers of copper, nickel, zinc and aluminum, is scrambling to slash its $30-billion (U.S.) debt. Although the company reduced its dividend, raised equity and announced plans to sell part of its Canadian agriculture business and stakes in its precious metal business, that was not enough to boost market confidence. The bloodletting was part of a sharp retreat in the resource sector and broader market. Oil fell nearly 3 per cent to $47.34 per barrel. The S&P/TSX fell 374 points to 13,004.58 after economic data from China showed that industrial companies' profits sank the most in four years. Investec Securities said in a note Monday that Glencore could end up using all its earnings to service its debt. "The biggest concern is that prices will be low for longer than we thought," said Bart Melek, head of commodity strategy with TD Bank. Taking hits on the Toronto Stock Exchange were First Quantum, Hudbay, Copper Mountain, Teck Resources and Lundin Mining.