First Quantum Minerals Ltd T.FM

Alternate Symbol(s): FQVLF

Metals & Mining Copper

First Quantum Minerals Ltd. is a Canada-based global copper company. The Company produces copper in the form of concentrate, cathode and anode and has inventories of nickel, gold and cobalt. It is engaged in the production of copper, nickel, gold and silver, and related activities including exploration and development. The Company's operating mines include Cobre Panama, Kansanshi, Sentinel, Cobre Las Cruces, Cayeli, Guelb Moghrein, Ravensthorpe and Pyhasalmi. Its development projects include Enterprise, Haquira, Taca Taca and La Granja. Its operating segments include Cobre Panama, Kansanshi, Trident and Ravensthorpe. The Cobre Panama project comprises a series of copper porphyry deposits with main deposits, such as Balboa, Botija, Colina and Valle Grande. The Trident segment includes the Sentinel copper mine and the Enterprise Nickel development project. Its Ravensthorpe Nickel Operation is an open pit mine and primary processing plant located in the southwest of Western Australia.

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First Quantum Minerals Ltd

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Comment by sasasa123on Feb 15, 2016 1:34pm

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Post# 24559500

RE:Freeport-McMoran Makes $1 Billion Deal With Sumitomo Metals

If copper is going up as per some bulls here but so pathetic and scary that big giant fcx mcmoran selling to get cash.

cndexpatman wrote: FM to follow FCX in asset sale, debt reduction strategy. VERY interesting news from FCX, you know that FM will mirror this type of transaction soon.

https://www.kitco.com/news/2016-02-15/Freeport-McMoran-Makes-1-Billion-Deal-With-Sumitomo-Metals.html

Freeport-McMoran Makes $1 Billion Deal With Sumitomo Metals

Monday February 15, 2016 10:24

Freeport-McMoran (NYSE: FCX) announced Monday its plans to sell part of its interest in the Morenci open-pit mine in Arizona for $1 billion to Sumitomo Metals Mining Co. This sale, which is expected to close sometime in mid-2016, would cut Freeport’s stake in the mine from 85% to 72%, a company press release says. “FCX expects to record an approximate $550 million gain on the transaction. FCX expects to use losses to offset cash taxes on the transaction,” the company explains. Freeport shares are down roughly down 16% year-to-date and down over 91% from their May 2008 peak. Freeport’s announcement comes as equity markets are closed Monday for the Presidents Day long weekend. Freeport ended Friday’s session at $5.53 a share, up more than 1% on the week. Standard & Poor’s lowered Freeport’s credit rating to ‘junk’ on Friday, as did Moddy’s Investors Service last month, as the company struggles to remain profitable with lower commodity prices. The company reported a $4.1 billion loss last quarter. “This transaction represents an important initial step toward our objective to accelerate debt reduction and restore our balance sheet, while retaining a portfolio of high quality assets and resources,” said Richard C. Adkerson, the company president and chief executive officer.

By Sarah Benali of Kitco News; sbenali@kitco.com