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Wed, Feb. 3, 5:33 PM
- Mining companies that have been hit hard by weakening Chinese demand surged the most in five months today, as a rally in metal prices signaled production cuts are starting to pay off, Bloomberg reports.
- Newmont Mining (NEM +11.3%), Freeport McMoRan (FCX +11.2%) and First Quantum Minerals (OTCPK:FQVLF +16.6%) all gained at least 11% today in leading the Bloomberg Americas Mining Index to a 7% surge and its biggest increase since August.
- Gold futures broke above their 200-day MA for the first time since October, and zinc, copper, aluminum, nickel, lead and tin all gained, helped by the outlook for tighter supplies and a plunge in the dollar.
- In today's trade: ABX +8.8%, GG +10.2%, AEM +5.5%, SLW +8.7%, KGC +10.3%, NG +6.6%, AU +9.6%, FNV +7%, GFI +8.5%, HMY +5.1%, SBGL +6.1%, IAG +9.6%, GOLD +3.6%, EGO +8.3%.
- ETFs: GLD, GDX, NUGT, IAU, GGN, DUST, PHYS, SGOL, UGL, GLDX, DGP, GTU, GLL, JJC, UGLD, DZZ, DBB, SGDM, ASA, OUNZ, DGL, DGZ, RING, DGLD, JJN, PSAU, JJU, TGLDX, CPER, UBG, JJT, BOM, RJZ, BOS, FOIL
Wed, Jan. 13, 9:16 AM
- First Quantum Minerals (OTCPK:FQVLF) is considering the sale of future precious metals output from some of its mines as it looks for ways to cut debt, Bloomberg reports.
- First Quantum is said to be working with Standard Chartered to study options for precious metals streaming transactions for mines including its Kevitsa nickel mine in Finland and the Kansanshi copper asset in Zambia.
- The miner reportedly also has been fielding offers for the Kevitsa mine, which may fetch at least $1B.
Tue, Jan. 12, 12:46 PM
- BHP Billiton (BHP -4.3%) could cut is payout in half when it releases results, and Rio Tinto (RIO -4.5%) also could cut its dividend later this year, HSBC analysts say, citing the need for the miners to cut expenses to help indebted balance sheets and offset weak commodities prices.
- HSBC also says Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) and First Quantum Minerals (OTCPK:FQVLF) are most at risk if commodities remain weak, although continued South African rand weakness would help Anglo, while strength in copper and other stock-specific reasons could favor returns for Freeport McMoRan (FCX -13.4%) and Glencore (OTCPK:GLCNF, OTCPK:GLNCY).
- The firm downgrades BHP and First Quantum to Reduce, maintains a Reduce rating on Anglo, and has a Buy rating on FCX and Glencore.
Nov. 6, 2015, 10:56 AM
- First Quantum Minerals (OTCPK:FQVLF) has retained Jefferies to explore a sale of its two nickel mines, as the miner looks to reduce debt levels and double down on its bets in copper, Reuters reports.
- The assets reportedly on the block are Kevitsa, a nickel-copper-platinum mine in Finland and Ravensthorpe, a nickel mine located in Western Australia that the company bought in 2010.
- A Cormark Securities analyst Alec Meikle recently valued Kevitsa and Ravensthorpe at a respective $840M and $372M.
Oct. 8, 2015, 12:46 PM
- Mining companies operating in Zambia ask the government to set mineral royalties for both underground and open pit operations at 6% to mitigate the negative impact of falling copper prices on the industry.
- The government of Africa's second leading copper producer already cut mineral royalties for underground mines to 6% from 9% and those of open cast mines to 9% from 20% following an outcry by mining firms.
- Glencore's (OTCPK:GLCNF, OTCPK:GLNCY) Zambian unit has said it plans to lay off more than 3.8K workers due to lower metal prices and high production costs; other foreign mining companies operating in Zambia include First Quantum Minerals (OTCPK:FQVLF), Barrick Gold (NYSE:ABX) and Vedanta Resources (OTCPK:VDNRF).
Oct. 6, 2015, 9:12 AM
- First Quantum Minerals (OTCPK:FQVLF) says it has revised its deal with Franco-Nevada (NYSE:FNV) for its flagship copper-gold Cobre Panama project in Panama after reviewing the costs.
- Under the new precious metal stream agreement, FNV will have to pay an initial contribution of $330M-$340M to First Quantum in October.
- First Quantum says it now estimates the total project cost for the open-pit mine, which is 35% complete, at $5.95B, ~7% below earlier estimates; the mine is expected to produce 320K metric tons of copper, 100K oz. of gold and 1.8M oz. of silver a year upon completion, with first concentrate production scheduled for late 2017.
Sep. 2, 2015, 11:29 AM
- Rio Tinto (RIO +1.3%) owns more than half of the shares of Turquoise Hill Resources (TRQ -1.7%), and likely will buy out the shares it does not already own in the next 12-18 months, CIBC analyst Tom Meyer predicts.
- Rio will make its move once key risks from the Oyu Tolgoi copper-gold project in Mongolia are removed, the analyst says, such as financing, a cost update on Oyu Tolgoi’s underground development, and next year’s Mongolian election.
- But Meyer maintains an Underperform rating and $4 price target on TRQ in a relative valuation call, saying higher-cost, higher-leveraged copper plays such as First Quantum Minerals (OTCPK:FQVLF) and HudBay Minerals (NYSE:HBM) offer more upside if commodity prices go up in the short term.
Aug. 28, 2015, 9:53 AM
- First Quantum Minerals (OTCPK:FQVLF) says it has started production at its $2.1B Sentinel copper mine in Zambia, which has been under construction since 2012.
- First Quantum expects the mine to produce 280K-300K metric tons/year of copper at full production from one large low-grade ore body containing 0.51% copper.
- Ramp up to commercial production levels is expected to begin after the state power utility connects electricity to the mine by next month.
Aug. 3, 2015, 12:58 PM
- A series of power shortages has forced Zambia’s largest copper producer, First Quantum Minerals (OTCPK:FQVLF), to halt production at one of its largest mines, in a major operational scale-down that will result in the loss of nearly 1,500 jobs.
- The miner says it is starting a rigorous cost-cutting program to save its $2.1B Sentinel copper mine following the decision of the state power company to slash power supplies to its operation due to a nationwide shortfall.
- Zambia recently enjoyed one of the most reliable electricity grids in the region, depending on its vast hydro power plants and imports from South Africa to maintain a steady supply to its mines, but both sources have faced pressure in recent months as a severe drought has lowered water levels at dams.
Jul. 29, 2015, 5:29 PM
- First Quantum Minerals (OTCPK:FQVLF) declares C$0.033/share semi-annual dividend, -32.2% decrease from prior dividend of $0.048.
- Forward yield 0.59%
- Payable Sept. 21; for shareholders of record Aug. 28; ex-div Aug. 26.
Jul. 17, 2015, 4:58 PM
- First Quantum Minerals (OTCPK:FQVLF) fell 3.2% in Toronto trading today on top of a 6% loss yesterday, despite releasing a statement to intended to clarify information filed in its updated technical report for its Kansanshi mine in Zambia.
- The update “creates more questions than answers,” Scotiabank says, which says the 2016 copper and gold production numbers provided in the updated mine plan are 19% and 56%, respectively, below the bank’s predictions.
Jun. 24, 2015, 5:23 PM
- Zambia’s government is set to roll back contentious mining taxes, cutting royalties for underground mines below the recently revised 9% and ending a nine-month standoff that has hurt production and profits in Africa’s second largest copper producer.
- As of July 1, the government will revert to a 30% corporate tax - which many firms elude claiming they are not profitable - and reduced royalties of 9% on open pit mines and 6% on underground operations.
- A return to lower levies should be a windfall for mining companies operating in the country, such as Barrick Gold (NYSE:ABX), Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and First Quantum Mineral (OTCPK:FQVLF), Zambia’s largest foreign investor, all of which slowed operations as the taxation dispute raged.
- Withheld value-added tax refunds, however, remains a point of contention, as major copper miners say they are owed nearly $800M in value-added tax refunds stretching back to 2013.
May 21, 2015, 2:48 PM
- First Quantum Minerals (OTCPK:FQVLF -4.6%) lays out plans for C$600M in new spending over the next 18 months to speed up project development, as it raises as much as C$1.44B in a public offering.
- First Quantum is earmarking C$300M-C$400M for expansion of the Kansanshi copper mine in Zambia, C$150M to advance permitting for the Haquira project in Peru, plus some money for the Taca Taca deposit in Argentina; the C$600M comes on top of C$1.4B budgeted for projects such as Cobre Panama.
- "It's better to build at the bottom of the cycle than at the top, but also to try and get as much of that pipeline into production to coincide with the inevitable rise in the copper price in the next two or three years," company president Clive Newall tells analysts.
May 20, 2015, 5:22 PM
- First Quantum Minerals (OTCPK:FQVLF) says it plans to raise C$1.25B ($1.02B) in a public offering in Canada, with an underwriters option to purchase additional shares which could bring total proceeds to ~C$1.44B.
- The company says it plans to use the funds raised to advance and expand existing production facilities, reduce debt and make acquisitions.
Apr. 15, 2015, 8:24 AM
- Barrick Gold (NYSE:ABX) says it welcomes the decision by Zambia's government to set its mining royalties at 9% for both open-pit and underground mines, but that it will review the details before reconsidering plans to shutter its Lumwana copper mine.
- Zambia's January decision to increase royalties for open pit mines to 20% from 6% and those for underground mines to 8% from 6% had rattled unions, miners and investors, forcing the government to review the plan; companies such as Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and First Quantum Minerals (OTCPK:FQVLF) stopped expansion plans worth $1.5B.
- The new 9% rate still would be considered on the high end compared to other mining jurisdictions, but it might make more mines viable.
Apr. 10, 2015, 4:58 PM
- Credit Suisse sees potential for a near-term rally in gold prices, and expects copper prices to do well this year.
- The firm upgrades First Quantum Minerals (OTCPK:FQVLF) to Outperform from Neutral on positive copper and stock re-rating catalysts in H2 2015, and likes HudBay Minerals (NYSE:HBM) and Tahoe Resources (NYSE:TAHO); it downgrades Teck Resources (NYSE:TCK) to Neutral from Outperform based on a weaker outlook for coking coal and valuation.
- Among gold miners, CS prefers Agnico Eagle Mines (NYSE:AEM) for its lower cost assets, operational consistency, strong free cash flow and organic exploration and growth opportunities, and Goldcorp (NYSE:GG) for its growth and relatively strong balance sheet; Yamana Gold (NYSE:AUY) and Detour Gold (OTCPK:DRGDF) provide leverage to a gold price rally.
First Quantum Minerals Ltd. is a growing mining and metals company engaged in mineral exploration, development and mining. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid.
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