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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  First Quantum Minerals Ltd.    FM   CA3359341052

FIRST QUANTUM MINERALS LTD.

(FM)
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First Quantum Minerals plans 2,500 layoffs in Zambia over tax hikes

12/21/2018 | 08:11am EST
FILE PHOTO: First Quantum Minerals Chairman, CEO and Director Pascall looks on during their annual general meeting for shareholders in Toronto

LUSAKA (Reuters) - Canada's First Quantum Minerals (FQM) said on Friday that it would lay off 2,500 workers in Zambia over plans by Africa's No.2 copper producer to hike mining taxes.

The southern African country plans to introduce new mining duties, replace value-added tax (VAT) with a sales tax and increase royalties, from January, to help bring down mounting public debt.

The layoffs point to a further escalation of tension between the government and the mining industry in a country where the sector accounts for more than 70 percent of Zambia's foreign exchange earnings.

FQM said in a statement that it planned 1,250 layoffs at its Sentinel Mine at Kalumbila and 1,250 at the Kansanshi mine in Solwezi in the first quarter of 2019, as well as an unspecified number of contractors.

Zambia's local mining body said on Thursday that Zambia was pricing itself out of the global mining market with the proposed tax hikes, which are aimed at bringing down mounting public debt.

Concerns about Zambia's rising debt, alongside accusations of additional hidden borrowing and government corruption, have spooked investors and Western donors in recent months.

The International Monetary Fund has put on hold talk about an aid package due to Zambia's debts, which it describes as unsustainable.

(Reporting by Chris Mfula; Writing by Alexander Winning; Editing by James Macharia)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.35% 513.61 Delayed Quote.-4.72%
FIRST QUANTUM MINERALS LTD. 4.46% 19.89 Delayed Quote.45.79%
S&P AFRICA 40 INDEX -0.02% 166.6 Delayed Quote.-4.02%
THE GLOBAL LTD. -6.38% 308 End-of-day quote.-34.61%
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Financials (USD)
Sales 2020 5 072 M - -
Net income 2020 -159 M - -
Net Debt 2020 7 375 M - -
P/E ratio 2020 -68,5x
Yield 2020 0,05%
Capitalization 10 615 M 10 612 M -
EV / Sales 2020 3,55x
EV / Sales 2021 2,89x
Nbr of Employees 20 000
Free-Float 80,0%
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Technical analysis trends FIRST QUANTUM MINERALS LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14,60 $
Last Close Price 15,45 $
Spread / Highest target 65,1%
Spread / Average Target -5,52%
Spread / Lowest Target -36,8%
EPS Revisions
Managers
NameTitle
Philip K. R. Pascall Chairman & Chief Executive Officer
Geoffrey Clive Newall President & Director
Wyatt Buck Operations Director
Hannes Otto Meyer Chief Financial Officer
Andrew Bell Adams Independent Director
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