First Quantum Minerals Ltd trades in the stock market under the ticker symbol of FQVLF. Search for the ticker of any public company above using the 'Get Ticker' search in red.

Who is First Quantum Minerals Ltd?

First Quantum Minerals, Ltd. engages in the exploration, development, production, and processing of mineral resource properties, primarily copper, gold, and acid and related deposits in Zambia, the Democratic Republic of Congo (DRC), and Mauritania. The company owns an 80% interest in the Kansanshi copper-gold mine located in the northwest province of Zambia; a 100% interest in the Bwana plant in Zambia and the Lonshi copper mine situated in DRC; and an 80% interest in the Guelb Moghrein deposit located near Akjoujt in Mauritania. It also holds a 65% interest in the Kolwezi copper-cobalt Tailings project; and a 95% interest in the Frontier copper prospect in the DRC, as well as owns the Kash...

14,600 Employees
Last Reported Date: 02/20/15
Founded in 1983
Last $3.77 USD
Change Today +0.0684 / 1.85%
Volume 209.0
As of 8:10 PM 11/25/15 All times are local (Market data is delayed by at least 15 minutes).

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11/26/14 - $17.58
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first quantum minerals ltd (FQVLF) Key Developments

First Quantum Minerals Ltd. Reports Earnings and Production Results for the Third Quarter of 2015; Provides Capital Expenditure for 2015; Revised Production Guidance for the Full Year 2015

First Quantum Minerals Ltd. reported earnings results for the third quarter of 2015. For the quarter, the company's comparable earnings and cash flow from operations before working capital changes and tax paid for the third quarter amounted to $70 million and $263 million, respectively. These quarter results were achieved despite metal prices being at their lowest as well as Zambian operations having to function with reduced talent supply for 12 days. Comparative EBITDA of $261 million for the quarter was $100 million above Second Quarter 2015, reflecting higher sales volumes, group-wide cost saving initiatives and a $49 million impact from the reduced Zambia mineral royalty rate, which reduced from 20% to 9% on July 1. The quarter was also favorably impacted by receipt of the $49 million business interruption element of the insurance proceeds from the Ravensthorpe AL tank failure in December 2014. Lower realized metal prices in the quarter partially offset these gains. Net debt of $5.3 billion is $112 million higher than second quarter of 2015 and in line with forecasts, with capital expenditure offsetting EBITDA and funds received in the part settlement of ERG debt. capital expenditure of $375 million in the quarter included $166 million at Cobre Panama; $148 million at Trident, including pre-commercial fund and stripping; and $23 million at Kansanshi. Group capital expenditure remains within guidance for 2015 at approximately $1.4 billion, with approximately $600 million on Cobre Panama. FQM share of Cobre Panama spend is forecast at $360 million. Of the remaining group capital spend, $230 million relates to Trident, including Enterprise, and other project spend includes approximately $100 million in the smelter and $40 million on power lines. In addition, guidance includes approximately $230 million capitalized stripping for the group. Copper production increased by 3,000 tonnes, when compared to second quarter of 2015 reflecting Sentinel pre-commercial production and higher Guelb production. Kansanshi was 3,000 tonnes lower due to ZESCO power restrictions, the planned physical maintenance shutdown and lower feed grades. Sentinel contributed 11,000 tonnes pre-commercial production in the quarter, an increase of 5,000 tonnes on second quarter. Full year production guidance has been revised for all metals. Copper production estimate is between 380,000 and 400,000 tonnes, and gold between 210,000 to 231,000 ounces. Production guidance for nickel remains within previous guidance, but the range has been narrowed. In addition, total physical production at Sentinel is expected to be between 30,000 and 40,000 tonnes of copper, with commercial levels reached by the end of 2015. Full year guidance for C1 cost has been reduced to between $1.20 and $1.35 per pound for copper and between $4.40 and $4.70 per pound for nickel.

First Quantum Reportedly Hires Jefferies To Sell Nickel Assets To Investors

First Quantum Minerals Ltd. (TSX:FM) has reportedly retained Jefferies LLC to explore a sale of its two nickel mines as the Canadian base metal miner looks to trim debt levels and double down on its bets in copper, three sources familiar with the matter said. The sources, who declined to be named as details of the plan are not public, said the move to sell the assets would help the company achieve its goal of reducing its debt levels by over $1 billion. Two of the sources said the assets on the block are Kevitsa, a nickel-copper-platinum mine in Finland and Ravensthorpe, a nickel mine located in Western Australia. The three sources said that a data room is currently being set up and first round bids for the assets are expected by next month. The process is likely to be concluded in the first quarter of 2016. One of the sources stated the company may consider retaining an interest in Ravensthorpe, but a decision on that would depend on the bids tendered. The three sources said the sale process is likely to attract the interest of rivals like Lundin Mining Corporation (TSX:LUN), Royal Nickel Corporation (TSX:RNX), Anglo American plc (LSE:AAL), Boliden AB (publ) (OM:BOL) and other private equity backed players in the sector. One of the sources said the reason First Quantum is looking to sell its nickel assets, instead of some of its older copper assets is because of the nickel assets generate less EBITDA than those copper assets right now. A spokeswoman for First Quantum declined to comment on the plan. A spokeswoman for Jefferies was not immediately reachable.

First Quantum Minerals Ltd. Announces Completion of 5000 Meters Drilling

Mundoro Capital Inc. reported First Quantum Minerals Inc. has completed 5,000 meters of drilling on the company's 100%-owned exploration licenses, Savinac, Sumrakovac, Bacevica and Osnic which are located at the southern portion of the Timok Magmatic Complex in northeastern Serbia. Drilling commenced in July 2015 under the Option Agreement between Mundoro and FQM. The company is sole funding the drilling program and has completed the 5,000 meters required on the Southern Timok Properties by October 30, 2015.


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Alumina Ltd A$1.17 AUD 0.00
Iluka Resources Ltd A$6.05 AUD 0.00
Lundin Mining Corp C$3.74 CAD +0.14
Stillwater Mining Co $9.45 USD +0.05
Teck Resources Ltd C$5.70 CAD +0.19

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