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Bullboard - Stock Discussion Forum 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... see more

TSX:FM - Post Discussion

First Quantum Minerals Ltd > stockwatch.com
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Post by TELEMARKER on Jan 05, 2024 11:13am

stockwatch.com

Globe says Barrick Gold eyes First Quantum Minerals

2024-01-05 06:58 ET - In the News

See In the News (C-ABX) Barrick Gold Corp

The Globe and Mail reports in its Friday, Jan. 5, edition that Citi analyst Alexander Hacking was not surprised by Wednesday's Bloomberg report that Barrick Gold has approached major shareholders of First Quantum Minerals about a potential takeover, given its previous failed approach in late 2022 and a "tolerance for geopolitical risk." The Globe's David Leeder writes that Mr. Hacking says in a note: "Any deal will hinge on price, i.e. do First Quantum's board and largest shareholders believe that any Barrick offer would be better than going it alone. ... First Quantum's high debt level is its Achilles heel in dealing with a Panama shutdown. Barrick's strong balance sheet would resolve this with close to zero net debt and $6-billion in 2023 estimated EBITDA. Restarting Panama may take some time (years not months), e.g. one possible path would involve extended negotiations followed by a national referendum to mitigate risk of further protests and/or supreme court rulings. ... Barrick would be new to the table but has experience of similar-ish situations in Tanzania and PNG." Mr. Hacking rated both companies "neutral." He has a $32 (Canadian) share target for First Quantum and an $18 (U.S.) share target for Barrick.

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