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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 shares jump after China's Jiangxi Copper takes 18% stake

12/09/2019 | 09:38pm EST
First Quantum Minerals Chairman, CEO and Director Pascall looks on during their annual general meeting for shareholders in Toronto

Shares of Canada's First Quantum Minerals Ltd rose as much as 5% to their highest since May on Monday after Jiangxi Copper Co Ltd agreed to pay $1.1 billion to become the miner's largest shareholder.

State-backed Jiangxi Copper, one of China's biggest copper producers, said on Monday it would buy Cupric Holdings Ltd from Pangaea Investment Management Ltd.

The target held around 18.015% of First Quantum's issued share capital as of Dec. 9, according to a separate Jiangxi Copper filing to the Hong Kong stock exchange on Tuesday.

"The transaction is in line with the company's international strategy," the filing said.

The move adds to speculation about First Quantum amid heightened expectations for deals in copper, seen as a critical ingredient in low-carbon technologies. Analysts also cited a Chinese media report on Saturday that said Rio Tinto had joined the bidding for First Quantum.

Reuters could not independently verify the report. Representatives with First Quantum and Rio were not immediately available for comment.

First Quantum shares closed 4.2% higher at C$13.56 in Toronto while the benchmark Canadian share index was down 0.3%.

In early trade on Tuesday, Jiangxi's Shanghai shares rose as much as 6.8% to 15.49 yuan, the highest since Sept. 19.

First Quantum in September disclosed it was in talks with Jiangxi for a potential sale of a minority interest in its Zambian copper assets.

Jiangxi is prevented from buying more than a 20% interest in First Quantum under a standstill agreement reached in October.

First Quantum is also seeking partners for new copper projects, including a possible joint venture with Rio Tinto, Chief Executive Philip Pascall said last month.

Pangaea, in which Jiangxi holds a 45% stake, said in October it had amassed a 10.8% position in First Quantum and could increase that to 16.6%.

"Clearly there's an M&A angle to this, but I wouldn't attribute it entirely to that," Jefferies LLC analyst Christopher LaFemina told Reuters.

"I'm not sure what their (Jiangxi) bigger picture plan is, but I don't think you need to buy equity in the company to negotiate a minority buyout for one of the assets," he added.

First Quantum could also be split up, with Jiangxi taking its Africa assets and its Cobre Panama copper mine going to Rio, Bank of Nova Scotia analysts said in a research note Monday.

(Reporting by Jeff Lewis in Toronto; Additonal reporting by Clara Denina in London and Tom Daly in Beijing; Editing by Richard Chang and Stephen Coates)

Stocks treated in this article : LME Copper Cash, First Quantum Minerals

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -1.08% 534.31 Delayed Quote.2.12%
FIRST QUANTUM MINERALS LTD. -4.92% 20.29 Delayed Quote.0.79%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
S&P AFRICA 40 INDEX -1.73% 171.51 Delayed Quote.1.36%
SHANGHAI A INDEX 0.11% 3745.6382 Real-time Quote.2.78%
SHANGHAI STOCK EXCHANGE B SHARES INDEX 0.70% 247.5429 Real-time Quote.0.96%
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Financials (USD)
Sales 2020 5 109 M - -
Net income 2020 -145 M - -
Net Debt 2020 7 350 M - -
P/E ratio 2020 -102x
Yield 2020 0,05%
Capitalization 11 565 M 11 559 M -
EV / Sales 2020 3,70x
EV / Sales 2021 2,77x
Nbr of Employees 20 000
Free-Float 80,0%
Chart FIRST QUANTUM MINERALS LTD.
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First Quantum Minerals Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends FIRST QUANTUM MINERALS LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 20,62 $
Last Close Price 16,81 $
Spread / Highest target 63,8%
Spread / Average Target 22,6%
Spread / Lowest Target -25,4%
EPS Revisions
Managers and Directors
NameTitle
Philip K. R. Pascall Chairman & Chief Executive Officer
Geoffrey Clive Newall President & Director
Tristan Pascall Chief Operating Officer
Hannes Otto Meyer Chief Financial Officer
Andrew Bell Adams Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
FIRST QUANTUM MINERALS LTD.0.79%11 544
ANTOFAGASTA PLC2.29%19 951
KGHM POLSKA MIEDZ S.A.3.80%10 286
JIANGXI COPPER COMPANY LIMITED18.72%9 309
VEDANTA LIMITED2.35%8 391
KAZ MINERALS PLC12.42%4 815