Top pick by Morgan Stanley Morgan Stanley analyst Jens Spiess lists Canada’s own First Quantum Minerals Ltd. among the world’s most attractive mining stocks,
“While residual concerns around Zambia exposure remain, FQM’s proactive balance sheet measures (bond refinancing, copper price hedging, covenant relaxation) as well as its solid operational momentum of late across Zambia and Panama are hard to ignore. Spot valuation remains undemanding with 2021 spot FCFY [free cash flow yield] at 14%, pointing to a risk-reward that is skewed to the upside”