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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| First Quantum | FQM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 450.625 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 450.625 |
| Top Posts |
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Posted at 07/1/2016 06:32 by hazl 'I think First Quantum Minerals represents one of the best investment opportunities in the metals and mining industry today. All Foolish investors should take a closer look and strongly consider using the post-earnings weakness to begin scaling in to long-term positions.'despite this Canada shows we will probably have a shaky start. IMO |
Posted at 02/8/2011 15:11 by wayney Good news re 5 times split should be alot more accessable to other investors |
Posted at 13/7/2007 08:32 by wba112233 Gardenboy -thanks for mentioning this share - have to say I'm a bit gobsmacked. It's been up over 2% each of the 3 days I've looked at it so far, massive cap yet nobody's heard of it. difficult to know whether I am too late or not. Do we know whether the company, or people in the city do think it has main listing (& therefore possibly FTSE 250 or FTSE100) aspirations or if this is likely with Toronto listed stock ? also I note that you felt the £60 takeover price (mentioned in article) was a bit low - what do you think more likely ? Either way, a fascinating share ! If you are into copper (which you obviously are) had a tip (that indirectly came from a very schrewd big investor who is big into copper & other things) that MML has possibilities. It's gold but they've found the beginning of what might be interesting copper deposits. I'd be interested what you think of it. Cheers , wba |
Posted at 20/4/2004 12:58 by wirralowl From Stockhouse bullboards, FQM mentioned as a top pick (2nd paragraph from end) :WINNIPEG (GlobeinvestorGOLD) - Robert Cohen's resource companies have delivered a virtuoso performance in the past year. His $23-million Dynamic Global Resource Fund returned 88.1 per cent for the 12 months ended Feb. 29, 2004, more than twice the 40.0-per-cent return of other natural resources funds in the period. For Mr. Cohen, who has run the 10-year-old fund since November, 2000, it was a pleasant reversal of fortune. The fund had been a below-average performer for seven of the last nine years. "Last year was exceptional," Mr. Cohen said. "We decided to overweight precious metals and to underweight oil, gas and forest products. The economic environment we were in (through) 2001 and 2002 showed that the U.S. dollar was topping out and beginning to fall and that gold did not yet have a lot of investor attention. The tumbling U.S. dollar combined with Chinese demand for metals drove a lot of the performance. And our stocks offered a lot of value." Canico Resource Corp. is a Vancouver-based company that is developing a nickel mine in north-central Brazil. Mr. Cohen holds shares purchased at an average cost of $1.50 including a warrant that was exercised at $1.70. The shares have recently traded at $12.61. The new mine, atop one of the world's largest deposits of nickel, should be producing by the end of 2006. By then its output will be about 15 per cent of what Inco Ltd. currently produces, he said. Canico currently has no cash flow, but it should be able to generate cash flow of $5.63 per share for 2007, and shares could trade at $50 by the end of 2007, he said. First Quantum Minerals Ltd. is a Vancouver-based copper miner. Mr. Cohen bought shares at an average cost of $3.95. They have recently traded at $14.97. The company operates in border regions shared by Zambia and the Democratic Republic of the Congo. In that region, it has an active mine, another in development, and one more in the planning stage, he notes. First Quantum's free cash flow for the year ended Dec. 31, 2005 should rise to $3.20 from $1.39 a year earlier, and within 12 months shares could trade at $26, he said. Crystallex International Corp. is a Vancouver-based developer of a gold mine at Las Cristinas, Venezuela. Shares purchased at an average cost of $3.45 earlier this year have recently traded at $3.90. The Venezuelan site provides Crystallex with exposure to the mine's estimated 10.2-million-ounce deposit of gold at a cost of $120 (U.S.) per ounce, Mr. Cohen said. If gold holds at $400 an ounce, the mine should produce $60-million (U.S.) per year free cash, equal to 24 cents a share (Canadian). By the end of 2006, the share price should rise to $14, he said. |
Posted at 11/2/2004 17:35 by rambutan2 another big thumbs up for the management... FIRST QUANTUM MINERALS ANNOUNCES US $224 MILLION FINANCING PACKAGE FOR KANSANSHI (All figures expressed in US dollars) First Quantum Minerals Ltd. (TSX Symbol 'FM', LSE Symbol 'FQM') is pleased to announce the first signings of a financing debt package totaling $224 million for Phase One construction of First Quantum's 80% owned Kansanshi copper-gold project in Zambia. The financing package includes $163 million for project construction, $30 million for mining equipment purchases, a $25 million cost overrun facility and a $6 million capital contribution for power line infrastructure. 'We are very pleased with the financing package that we have established for the Kansanshi project. It has taken over twelve months of negotiation to pull together a unique funding package which provides maximum benefit from the Kansanshi project for existing shareholders by minimizing dilution without compromising financial prudence. To satisfy the requirements of the lending syndicate the funding package has been deliberately structured to exceed the forecast capital requirements borrowing costs, including interest and fees during the construction phase. While this excess funding including the cost overrun facility is available to the project, we expect to complete the project within 10% of the original GRD Minproc Definitive Feasibility Study estimates, before any scope changes.' commented Martin Rowley, Chief Financial Officer. Philip Pascall, Chairman and CEO commented, 'The project financing syndicate that has been established is a strong testament to the high quality of the Kansanshi deposit. We are very pleased with the support that we have received from President Mwanawasa to date and we look forward to working with the Government of the Republic of Zambia in a joint effort to expedite the construction of Kansanshi. First Quantum Minerals is a committed long term investor in Zambia and we believe that the development of new low cost copper deposits will play an increasingly important role in the future of Zambia's copper industry.' The construction and procurement process began in earnest in September, 2003. Commitments for the direct capital cost of the process plant are approximately 75 % complete. Engineering and design aspects of the project are over 80% complete. Since September, construction and engineering contractors and consultants, including the Company's team of engineers have moved on site to start construction. Major bulk earthworks are generally complete, roads and drains have been established, concrete for all critical structures has commenced and steel and building erection has begun. Overall the project is currently approximately 25% complete. The Kansanshi Project is situated approximately 15 kilometres to the northeast of the city of Solwezi in northwest Zambia. It is proposed that the Kansanshi project will be developed in two phases of which only Phase One is considered in detail in the Definitive Feasibility Study, which was conducted by GRD Minproc, in December 2002. Measured and indicated mineral resources for life of mine, at a 0.5% copper cut-off, total 302 million tonnes at 1.17% copper and 0.17 grams per tonne gold. Phase One proven and probable mining reserves are 142 million tonnes grading 1.43% copper and 0.22 grams per tonne gold. During the sixteen year Phase One mine life, it is expected that Kansanshi will produce 1.6 million tonnes of copper, approximately 44% as copper cathode and 56% as copper in concentrate. Peak production will be approximately 130,000 tonnes of copper and 35,000 ounces of gold per annum. It is expected that owner mining cash costs will average $0.38 per pound of copper over the sixteen year life of Phase One. It is anticipated that commissioning will begin in late 2004 with commercial production commencing in early 2005. Financing Structure On December 12, 2003 the Company, through its 80% owned subsidiary Kansanshi Mining, PLC ('KMP'), signed a secured $120 million senior facility agreement (the 'Facility'), arranged and underwritten by Standard Bank Group and WestLB, with the participating banks being Standard Bank London Limited, Standard Bank of South Africa Limited, West LB AG, Standard Chartered Bank, Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V. ( FMO ), Societe de Promotion et de Participation pour le Cooperation Economique S.A. ( Proparco ) and Deutsche Investitions - und Entwicklungsgesellsc The $120 million senior loan facility arranged by Standard bank Group and WestLB has been awarded the Project Finance Magazine 'Mining Deal of 2003 - Africa ' In addition to the Facility, on December 11, 2003 the Company, through KMP, signed a secured subordinated facility agreement (the 'Subordinated Facility') with European Investment Bank ('EIB'), for the amount of Euro 34 million ($43 million), also to finance the design, construction, operation and maintenance of the Kansanshi Project. This loan is for a 12 year term and is payable in nine equal annual payments commencing October 31, 2007. Interest will be 7.2% until April 30, 2005 and thereafter will be recalculated annually, within a range of 3.2% to 13.2%, based on the average LME cash copper price for the preceding calendar year. The Facility has not been drawn down and is still subject to the fulfillment of a number of conditions precedent including execution of the final equipment and cost over-run facility documentation (as described below). The first draw-down notice under the EIB Subordinated Facility has been issued for funding on February 16, 2004. On December 12, 2003 the Company, through KMP, signed a $6 million short term loan facility (the 'Short Term Facility') with Standard Bank London, to finance KMP's capital contribution pursuant to a connection agreement (the 'Connection Agreement') between KMP and ZESCO Limited (the Zambian power utility), which provides for the construction of a new power line to service the Kansanshi Project. The full $6 million was drawn down and paid to ZESCO on January 21, 2004. Interest on the Short Term Facility is calculated at LIBOR plus 3.5%. The full amount of the loan is repayable on the earlier of six months from the date of execution of the agreement or upon the first drawdown under the Facility. The loan is guaranteed by the Company under a Guarantee Agreement dated December 12, 2003. The loan includes the issuance of 250,000 warrants which provides Standard Bank the right to purchase 250,000 Common Shares at $11.00 per share for a period of two years. The Connection Agreement is dated November 4, 2003 and contemplates the construction and installation of a transmission line, new substation and supporting assets to connect the Kansanshi Project to the ZESCO power system, in consideration of the payment by KMP of the total sum of $10 million. The Connection Agreement provides for the initial payment of this $6 million with the balance payable in 19 semi-annual installments calculated to provide for amortization of the $4 million over 10 years at an interest rate of 6%. Associated with the Kansanshi Project financing package are two facilities that are in the final stages of being negotiated; a $30 million facility with Banque Belgolaise SA to finance mining equipment purchases and a $25 million facility with a metal off-taker to provide for any unexpected cost overruns. The total Kansanshi Project financing package, in respect of which facilities have either been completed, subject to satisfaction of various conditions precedent, or are under negotiation is, in United States dollar equivalents, $224 million. About Standard Bank Group Through an expanding international network Standard Bank Group Limited and its subsidiaries offer a range of specialist banking services and promotes trade, investment and business flows with an emerging market focus on a worldwide basis. Standard Bank London Limited, (SBL) the principal international investment banking subsidiary of Standard Bank Group Limited, is a leading participant in trade finance and project finance with a strong mining capability based in London. Utilizing its knowledge of Africa, North and South America, the Far East and Eastern Europe, SBL offers flexible pre and post export financing for commodities and capital goods. In addition, SBL trades in precious and base metals, provides a full range of Treasury products, and is active in mining finance and advisory services. SBL is involved in the sovereign debt market and in corporate debt trading on an international basis. The Banker magazine awarded 'Bank of the Year 2002 - Africa' to the Standard Bank Group. About WestLB AG WestLB AG is a focused European wholesale bank operating on an international scale. With Group total assets of approximately € 405 billion, WestLB is Germany 's 4th largest banking group. The bank offers a wide range of products tailored specifically to the needs of major corporate clients. WestLB has been recognized by Treasury Management International magazine as 'Best Bank' in the Project Finance Category while Infrastructure Journal voted them 'Arranger of the Year' in Europe, the Middle East and Africa. About European Investment Bank ('EIB') EIB's chief remit is the balanced development of the European Union ('EU'). On average, therefore, more than two thirds of EIB's individual loans help to finance a wide range of projects in regions lagging behind in their development or contending with structural problems. Since the 1960's, the EIB has been an active participant in the cooperation policies pursued by the EU in some 150 countries outside the EU, in particular in Africa in the framework of successive EU/ACP Lome Conventions and under the Cotonou Agreement which will enter into force in early 2003. The EIB is the leading non-sovereign AAA issuer worldwide. The EIB works in close cooperation with the banking sector, both with respect to its capital market operations and lending activity. In the Zambian mining sector, EIB has already provided a EUR 14 million , 6 year facility, for Bwana Mkubwa Mining Limited, First Quantum's wholly owned Zambian subsidiary company. About Banque Belgolaise SA and Africa Merchant Bank Banque Belgolaise SA, is a European bank with long-standing roots in Africa. In 1909, the Banque du Congo Belge was founded. It was mainly active in central Africa. In 1911, it became the Belgium Congo's official issuing bank, an honor it held for more than 40 years. Since 1965, the Bank has been known as Belgolaise and has developed a banking network across 15 African countries and, in 1997 created Africa Merchant Bank in order to provide its customers with a full range of merchant banking services. In the summer of 2000, Belgolaise became a wholly-owned subsidiary of Fortis Bank (part of the Fortis Group). With offices in Brussels, Paris and London, Belgolaise develops business links in around thirty countries in sub-Saharan Africa. In the Democratic Republic of Congo, Africa Merchant Bank has already provided a $6 million, three year secured lease debt facility, to First Quantum through International Quantum Resources Limited, the owner of 100% of the issued capital of La Compagnie Miniere de Skania sptl ('COMISA'). The facility was used to purchase mining equipment for COMISA's operations at the Lonshi copper mine. On Behalf of the Board of Directors 12g3-2b-82-4461 of First Quantum Minerals Ltd. Listed in Standard and Poor's 'G. Clive Newall' Sedar Profile #00006237 G. Clive Newall President |
Posted at 27/11/2003 20:09 by rambutan2 mkt cap still only circa £250m, i think, so could still climb very far over next few years if all works out and more projects come through. anto, the only other pure copper play on london, is just outside ftse100 on a £2bn mkt cap. im sure that at some stage fqm will move over to main listing so more available to uk institutions. heres a good presentation new to their site. should have been enough to convince even those sceptical us investors... |
Posted at 12/11/2003 18:24 by rambutan2 from minesite...London's AIM Market Is Failing To Give First Quantum The Backing Its Achievements Merit. First Quantum obtained a secondary listing on AIM early in 2001. At the time the share price was under C$4. The company is now trading at C$10.80, but as Clive Newall, president of the company, pointed out at a presentation in London today, virtually none of the trade takes place here. Canaccord (Europe) are brokers to the company, but runs into the constant problem that announcements are made by the company to Canadian timing as that is where the primary listing resides. Thus it is Greg Barnes of Canaccord Capital who writes the investment notes rather than Mike Jones over here. In fact no London analysts follow the company despite the fact that it is now capitalised at over C$500 million. This is a problem that seems to recur with mid tier mining companies which take secondary listings on Aim or, for that matter, on the main board. Analysts follow the trade and the trade is where the primary listing resides. A telephone to the Stock Exchange to seek a reaction ran into the buffers as Simon Brickles, head of AIM, has given in his notice. Going off to seek pastures new, as they say, and it is not quite clear if all is sweetness and light. He does not actually leave until the new year and if a replacement has not been found until then the job will be covered by David Shrimpton who is head of market operations for the LSE, or Tracey Pierce who works on the UK side of AIM according to a spokesman. Maybe the number of shindigs around the world to attract overseas to the 'new, quick, cheap route to an AIM listing' will diminish. In the meantime it is up to the retail brokers to start showing a bit more interest in the resource sector. It is they who can generate trade and analysts will then appear out of the woodwork. First, however, the financial pages of the newspapers have to catch on to what is happening to commodity prices and the mining sector as this will stimulate retail demand. At the First Quantum presentation the only pure retail broker was Dryden Finance which is an arm of the mighty Pru. It has to be said that Brown Shipley and WH Ireland were also present, but they both straddle the institutional/retail fence. It is sad for private investors that they are not kept up to speed with class companies like First Quantum. They may have gathered that copper has powered through US$2,000/tonne, helped by demand from China, but there are no other pure copper producers listed in London apart from Antofagasta which is on the main board and it is First Quantum's ambition to overtake the big Chilean producer. This it may succeed in achieving in time and things are certainly going in its favour. At the moment it is producing copper and sulphuric acid from its Bwana Mkuba mine in Zambia which is currently being upgraded so that it can accept ore from the Lonshi deposit which is just over the border in the Democratic Republic of Congo.. This expansion should be completed before the end of this year and production is expected to rise from 10,000 tonnes of payable copper to 30,000 tonnes/year. In fact early results indicate that production could be over 35,000 tonnes/year as it is performing above nameplate capacity. The expanded mine will be highly profitable as it is reckoned that cash costs will be well below US$0.30 cents/lb, helped by sales of sulphuric acid, compared with the present copper price of US$0.92 cents/lb. The next phase of production growth will follow very quickly as the 80 per cent owned Kansanshi copper-gold project could be in production next year. This mine is expected to produce around 90,000 tonnes of copper as well as some gold in the first two years of production and then settle at 110,000 tonnes for the next 15 years. The presence of gold differentiates it from other mines in the copper belt and experience gained at Bwana Mkuba has played a significant part in the design of the plant. Again, cash costs are expected to be around US$0.35 cents/lb to give a profit margin of over US$0.50 cents so there should not be too much problem in raising the US$155 million required to initiate the first phase of production from oxide ore. Together these two projects are milch cows of a premier league and First Quantum is maximising production from them at an enviable moment in the copper price cycle. In addition, however, the company has a very big and highly prospective land position along the Zambia/DRC border. Recently a copper discovery has been made at a copper prospect called Lufua in DRC which is only 45 kilometres from Bwana Mkuba.. It is early days, but it has the size and grade to be another Kansanshi. The only difference is that the ore is mostly sulphide, but this is no major problem as copper concentrate could be treated by the smelting and refining capacity just across the border. First Quantum therefore, has a lot going for it and it is a pity that London's AIM market is not giving it value for having a listing over here. HERE HERE! |
Posted at 24/9/2003 16:03 by rambutan2 the latest view from canada...FIRST QUANTUM MINERALS (FM : TSX : C$8.39) - BUY - 12-MONTH TARGET PRICE: C$10.00 Greg Barnes Comment: New copper discovery in the Congo First Quantum announced the discovery of a new copper deposit in the Democratic Republic of Congo (DRC). This discovery has long been rumoured in the market, but still comes as a positive addition to First Quantum's copper story. The new prospect, called Lufua, is located approximately two kilometres inside the DRC border with Zambia and approximately 45 kilometres from First Qauntum's Bwana Mkubwa oxide copper plant that is currently processing ore from the Lonshi Mine, also located in the DRC. The location of the new discovery in the DRC will likely leave some investors cautious and given its still early stage, we are reluctant to add much value at this point to First Quantum. It does, however, demonstrate the significant mineral potential in the Zambia/DRC Copper Belt and as political uncertainties diminish, there is the possibility that the area could once again become one of the major copper producing regions in the world. We are maintaining our BUY recommendation and C$10.00 target price. Our target price is based upon our 12% discounted net asset value of C$9.83/share. |
Posted at 24/2/2003 18:36 by wirralowl Another day, another high... taken from the company website :==================== Re: Articles & Comments - Monday, February 24, 2003 Low costs flagged for First Quantum's Kansanshi ==================== CAPE TOWN -- The results of a feasibility study on First Quantum Minerals' Kansanshi copper-gold project reveal that the Canadian junior's 80%-owned deposit in Zambia could be one of the world's lowest cost producers, while the investment returns also look attractive. The study, conducted by Perth-based GRDMinproc, shows cash operating costs after gold credits of just $0.38 a pound over the 16 year life of the first phase of development. At a copper price of between $0.75 and $0.80 a pound, the internal rate of return from Kansanshi waxes between 36.8% and 50% with a payback period of between two and 2.8 years. IRRs from copper projects are usually closer to the 16% or 17% mark. Pre-production capital costs are estimated at $163 million, the bulk of which comprises the process plant. Construction of the mine is expected to begin in the second quarter of this year and be completed by the end of October 2004. "The main thing about development at Kansanshi is that the infrastructure is largely there," said Philip Pascall, chairman and CEO of First Quantum. One of the extra costs of mining in large parts of Africa is the absence of infrastructure, which often has to be paid for by the mine operator. Kansanshi, acquired by First Quantum from Phelps Dodge after a competitive bidding process, is projected to produce at start-up 85,000 tonnes of copper a year, rising to 125,000 tonnes. Life-of-mine is pegged at 28 years, with a second phase expansion envisaged during years 17-28 of the project. The remaining 20% of the Kansanshi operation is owned by Zambian Consolidated Copper Mines. Zambia is a key resource area for copper and cobalt but was hit hard last year by Anglo American's announcement that it was pulling out of its Konkola copper project there. Zambia's Minister of Mines and Minerals Development, Kaunda Lembalamba, told Mineweb at the Mining Indaba in Cape Town that the government had worried that the mining industry was in a decline, but that things were looking better following investments from the likes of First Quantum and Equinox. In particular, the western region of the country offered promise with its untapped copper deposits, he said. "Two-thirds of the west still needs to be explored. Once these areas are tapped, we are sure that Zambia will regain its status as one of the great copper countries," Lembalamba said. Separately, Clive Newall, First Quantum's president told Mineweb that another interesting deposit very similar to that at Kansanshi had been discovered which would fit nicely into First Quantum's pipeline when the Kansanshi construction was complete. So far, six holes had been drilled before the rainy season set in. Newall declined to give further details, saying an announcement would be made in a few months time. In addition to Kansanshi, First Quantum also operates the wholly-owned Bwana Mkubwa copper mine in Zambia and the Lonshi deposit in the neighbouring Democratic Republic of Congo (DRC), where it is in fact the biggest copper producer. Gecamines, the government mining company which was at one time the biggest copper producer in the world before it was devastated by war and corruption, is expected to produce only around 10,000 tonnes of copper this year. Ore mined at the high-grade Lonshi deposit is sent across the border to be processed 36km away at Bwana Mkubwa. Such a cross-border processing arrangement is unusual but, according to Newall, runs smoothly and is an elegant solution to the difficulties of securing finance for the setting up of a processing plant in the DRC. First Quantum is also keen to diversify geographically its portfolio of deposits and is eyeing South America as a serious exploration target. According to Newall, First Quantum's ambition is to graduate to a mid-sized copper producer alongside the likes of Western Mining, Falconbridge and Noranda. First Quantum is listed in both Toronto and London's AIM market. Its 45% institutional shareholder base is split 55%/45% between investors in the United Kingdom and North America respectively. |
Posted at 14/2/2003 13:49 by wirralowl If my figures are correct (?) this company appears dirt cheap, and with the financing now in place for Kansanshi, if you can take a long-term view, this has to be a low-risk/potentially high-gain mining investment.Kasanshi is expected to be able to produce around 165m lbs of copper per year at a net cash cost of US$0.40 cents/lb. Now the average price obtained last year by FQM was US$0.82/lb ie a 40 cents / lb profit. Assuming price of Cu stays the same (in actual fact it is now higher than last year's average): 165m x .42 = $69.3m / year pre-tax profit. or approx £42m pre-tax. Say they are taxed @ 40% = after-tax profits of £25.2m (and remeber this is just from the Kasanshi mine!) And this against a market cap currnetly of around £100m ! Recent article in Shares Mag got me interested again, when they estimated that by 2006 their combined production could yield £40m after tax - putting FQM on a forward PE of just over 2 ! I hold a few from a while back, but will probably add over the next few months if someone doesn't tell me I'm talking complete rubbish. Apologies if my maths is over-simplisitic, but I would appreciate any comments from more experienced 'mining' investors. Cheers, WirralOwl |
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