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First Quantum Minerals Ltd T.FM

Alternate Symbol(s):  FQVLF

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.


TSX:FM - Post by User

Post by TELEMARKERon Feb 23, 2024 9:52am
137 Views
Post# 35895361

stockwatch.com

stockwatch.com

Globe says First Quantum upgraded to "buy" from "hold"

2024-02-23 08:11 ET - In the News

The Globe and Mail reports in its Friday edition that Jefferies analyst Christopher LaFemina has elevated his recommendation for First Quantum Minerals to "buy" from "hold" with an $18 share target, rising from $13. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $15.67. Mr. LaFemina says in a note: "While issuing equity after the share price has already collapsed is obviously not ideal, we believe these deleveraging steps are significant positives for First Quantum. The Cobre Panama mine shut down is still a problem, but the balance sheet problem has been addressed for now (we believe these measures provide 18 to 24 months of additional financial headroom). Note that the company is seeking $20-billion in arbitration relating to Cobre Panama. We are incrementally more positive on First Quantum shares as a result of these measures to derisk the balance sheet." The Globe reported on Jan. 17 that BMO had reaffirmed its "outperform" call for First Quantum Minerals. The shares were then worth $13.57. The Globe reported on Jan. 30 that Barclays analyst Ian Rossouw had reaffirmed his "underweight" recommendation for First Quantum when it could be had for $12.80.

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