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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.
Tuesday, Jan 287:52 AM
Tuesday, Jan 287:52 AM| Comment!
- First Quantum Minerals (FQVLF) says it expects to incur $6.4B in development costs for its Cobre Panama copper project in Central America, unveiling its revised capital cost estimate for its key project after a month's delay.
- The figure is ~3% higher than estimates released before First Quantum took over the project last year.
- Production is now pegged at ~320K metric tons/year of copper, up ~20% from original plans, and completion is now seen in H2 2017 instead of H1 2016.
Tuesday, Dec 102013, 12:42 PM
Tuesday, Dec 102013, 12:42 PM| Comment!
- First Quantum Minerals (FQVLF -2.5%) says it will delay the release of a full update on its Cobre Panama copper project to Q1 2014, saying it needs to "correct a number of acquired technical and logistical shortcomings" in the project development plan.
- Before being taken over by First Quantum earlier this year, Inmet had pegged the capital cost of developing the project at $6.2B; in its bid for Inmet, First Quantum had cited its project development expertise as a rationale for the combination.
Wednesday, Oct 302013, 12:13 PM|Wednesday, Oct 302013, 12:13 PM| Comment!
Wednesday, Jul 102013, 10:25 AMGoldman Sachs favors only single-stock opportunities among miners focused on funded growth and strong free cash flows, such as First Quantum (FQVLF.PK) and Vedanta (VDNRF.PK), as it sees no catalyst for a sector-wide turnaround. Global majors Rio Tinto (RIO) and Anglo American are rated Sell, based on negative earnings momentum and dependency of their free cash flow on iron ore prices. |Wednesday, Jul 102013, 10:25 AM| Comment!
Friday, Mar 222013, 10:33 AMFirst Quantum Minerals (FQVLF.PK) says 85.5% of Inmet Mining’s (IEMMF.PK) shares have been tendered to its hostile takeover bid, putting it on the verge of completing the deal to create a "new global leader in copper." First Quantum says its first priority is to integrate the operations, then begin a detailed review of Inmet’s $6.2B Cobre Panama project to find significant cost savings. |Friday, Mar 222013, 10:33 AM| 1 Comment
Tuesday, Mar 122013, 9:29 AMFirst Quantum (FQVLF.PK) says 61.45% of Inmet Mining’s (IEMMF.PK) shares have been tendered to its hostile $5.1B bid, just shy of the two-thirds majority of shares First Quantum needs to complete the takeover. The company extends its offer to March 21 to pass the two-thirds threshold, and reduces the minimum tender condition to 50%. |Tuesday, Mar 122013, 9:29 AM| Comment!
Tuesday, Feb 192013, 12:22 PMInmet Mining (IEMMF.PK) says it will waive its poison pill takeover defense against a hostile offer by First Quantum (FQVLF.PK) and hints it may execute unspecified strategic alternatives to the $5.1B bid. Earlier this month, First Quantum extended its $72/share bid to Feb. 27; Inmet says the new deadline has given it enough time to fully review the offer. |Tuesday, Feb 192013, 12:22 PM| Comment!
Wednesday, Jan 232013, 10:42 AMIn its expected rejection of First Quantum's (FQVLF.PK) $5.1B hostile bid, Inmet Mining (IEMMF.PK) disputed First's assertion it could realize enormous cost savings at Cobre Panama by using its internal project team and hiring far fewer contractors. “To suggest you can take an engineering management component out and self-perform on a project of that size is reckless,” Inmet CEO Jochen Tilk says. |Wednesday, Jan 232013, 10:42 AM| Comment!
Tuesday, Jan 222013, 9:44 AMFranco-Nevada (FNV) is committing $1B to Inmet (IEMMF.PK) for development of the Cobre Panama project, so it has a unique interest in First Quantum’s (FQVLF.PK) $5.1B hostile bid for Inmet. FNV CEO David Harquail says he is impressed with Inmet’s handling of the project so far, and harbors doubts about First Quantum’s proposal to build the mine for significantly less money. |Tuesday, Jan 222013, 9:44 AM| Comment!
Tuesday, Jan 222013, 8:13 AM
Sunday, Jan 132013, 4:30 AMFirst Quantum (FQVLF.PK) warns C$5.1B ($5.2B) takeover target Inmet Mining (IEMMF.PK) not to sell a minority stake in its Cobre Panama project, a major undeveloped copper reserve. Any attempt "would be inappropriate...and constitute an improper short term defensive tactic," said First Quantum. The comments are "hostile and counterproductive," said Inmet, which is considering selling a 10-20% stake in the mine. |Sunday, Jan 132013, 4:30 AM| Comment!
Friday, Jan 112013, 4:03 AMFirst Quantum (FQVLF.PK) has received a boost in its C$5.1B ($5.19B) hostile bid for fellow Canadian peer Inmet Mining (IEMMF.PK) after Leucadia National, which is Inmet's largest shareholder with a 15% stake, said late yesterday that it will tender its stock to First Quantum "in the absence of changed circumstances or new information." The deal would give the latter access to Cobre Panama, one of the world's largest undeveloped copper deposits. |Friday, Jan 112013, 4:03 AM| Comment!
Wednesday, Jan 92013, 8:40 AMFirst Quantum Minerals (FQVLF.PK) takes its $5.1B bid for Inmet Mining (IEMMF.PK) straight to shareholders with a $72/share offer in cash and stock which is 36% more than Inmet’s closing price on Nov. 27, the day before the company said it had rejected two unsolicited proposals. |Wednesday, Jan 92013, 8:40 AM| Comment!
Monday, Dec 172012, 3:27 AMFirst Quantum Minerals (FQVLF.PK) has again raised its unsolicited bid for fellow Canadian company Inmet Mining (IEMMF.PK), this time to C$5.1B ($5.17B) in cash and stock, saying the combined firm could become one of the world's top five copper producers within five years. The C$72/share proposal follows previous offers of C$62.50 and C$70. (PR) |Monday, Dec 172012, 3:27 AM| Comment!
Wednesday, Nov 282012, 4:57 PMInmet Mining (IEMMF.PK +18.1%) rejects a takeover proposal from rival Canadian copper miner First Quantum Minerals (FQVLF.PK) that values the company at $70/share, or ~$4.9B, and says it plans to adopt a shareholder rights plan. Inmet calls the cash-and-stock offer "highly conditional." |Wednesday, Nov 282012, 4:57 PM| Comment!
Monday, Oct 182010, 1:22 PMFirst Quantum Minerals (FQVLF.PK) - which today agreed to pay $450M for Antares Minerals, owner of Peru's Haquira copper project - says it will work together with nearby mineral developers including Xstrata (XSRAF.PK). Area companies may share power sources, road access and a pipeline. |Monday, Oct 182010, 1:22 PM| Comment!