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    FM   CA3359341052

FIRST QUANTUM MINERALS LTD.

(FM)
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Delayed Toronto Stock Exchange  -  05/20 04:00:00 pm EDT
36.33 CAD   -0.68%
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Anglo American to return to Zambia with Arc Minerals copper deal

05/12/2022 | 02:34am EDT
FILE PHOTO: Logo of Anglo American is seen on a jacket of an employee of the Los Bronces copper mine on the outskirts of Santiago

CAPE TOWN, May 12 (Reuters) - Arc Minerals shares jumped 6.7% on Thursday after it announced an agreement under which Anglo American would take majority control of the junior exploration firm's Zambia copper-cobalt licenses.

Under the deal, which was first reported by Reuters, Anglo will take 70% of a joint venture with Arc that will own licenses to explore Zambia's copper-rich North-Western province, an area Anglo previously explored in the late 1990s. It would mark the first new investment by Anglo in Zambia in 20 years.

Major mining firms are searching for new sources of the battery metals copper and cobalt, especially following the war in Ukraine and sanctions on Russia which have sent metal prices soaring.

Anglo American will pay $3.5 million into Arc upon signing. It will be able to retain its stake by spending $74 million on exploration within seven years of signing and making cash payments of $11 million to Arc, according to terms of the deal.

Arc Minerals previously had an exclusivity agreement with Anglo from July 2020 to July 2021, and when that lapsed Arc Minerals said it would start talks with other major miners which had approached it.

Zambia, Africa's second-largest copper producer, has become a more attractive investment proposition for mining companies since the election last August of business-friendly President Hakainde Hichilema and a subsequent mining tax reform.

The country aims to more than triple its annual copper output within the next decade to 3 million tonnes a year.

First Quantum Minerals last Sunday said its board had approved plans for a $1.25 billion expansion of its Kansanshi mine in Zambia, a decision it said was prompted by renewed confidence in Zambia's investment climate. (Reporting by Helen Reid; Additional reporting by Clara Denina; Editing by Christian Schmollinger, Edwina Gibbs and Ed Osmond)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 1.57% 3521.5 Delayed Quote.16.83%
ARC MINERALS LIMITED -1.82% 4.05 Delayed Quote.68.75%
FIRST QUANTUM MINERALS LTD. -0.68% 36.33 Delayed Quote.20.85%
GOLD 0.00% 1845.6 Delayed Quote.0.70%
S&P GSCI COPPER INDEX 2 0.04% 668.4808 Real-time Quote.-3.17%
S&P GSCI GOLD INDEX 0.03% 1076.15 Real-time Quote.1.05%
SILVER 0.00% 21.73 Delayed Quote.-6.01%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 61.75 Delayed Quote.-17.11%
All news about FIRST QUANTUM MINERALS LTD.
05/20Gold Edges Up on Weaker Bond Yields as Stock Markets Steady
MT
05/20August Gold Contract Closes Up US$0.60; Settles at US$1,848.40 per Ounce
MT
05/20Gold Edges Up on Weaker Bond Yields as Stock Markets Steady
MT
05/19Gold Rises as Investors Seek Safe Havens Amid Falling Equities
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05/19August Gold Contract Closes Up US$25.40; Settles at US$1,847.80 per Ounce
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05/18June Gold Contract Closes Down US$3.00; Settles at US$1,815.90 per Ounce
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05/18Gold Trading Lower as Jerome Powell's Hawkish Remarks Boost the Dollar and Bond Yields
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Financials (USD)
Sales 2022 9 018 M - -
Net income 2022 1 667 M - -
Net Debt 2022 4 322 M - -
P/E ratio 2022 11,6x
Yield 2022 0,93%
Capitalization 19 434 M 19 434 M -
EV / Sales 2022 2,63x
EV / Sales 2023 2,50x
Nbr of Employees 20 000
Free-Float 79,8%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 28,30 $
Average target price 33,49 $
Spread / Average Target 18,3%
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Managers and Directors
A. Tristan Pascall Chief Executive Officer & Director
Hannes Otto Meyer Chief Financial Officer
Philip K. R. Pascall Chairman
Andrew Bell Adams Independent Director
Robert J. Harding Lead Independent Director
Sector and Competitors
1st jan.Capi. (M$)
FIRST QUANTUM MINERALS LTD.20.85%19 434
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JIANGXI COPPER COMPANY LIMITED-1.60%7 724
KGHM POLSKA MIED? S.A.-4.20%6 090