The Globe and Mail reports in its Saturday, Jan. 6, edition that First Quantum Minerals has begun 2024 looking like a winning stock, but its early rebound may add another layer of risk to an investment that has been reeling from setbacks related to the company's huge copper mine in Panama. The Globe's David Berman writes that in the first week of January, First Quantum's share price has surged more than 20 per cent. The stock's gains appear largely related to reports that Barrick Gold is mulling a takeover bid. Neither company has offered an official confirmation that a deal is in the works. However, the rumours are no doubt fuelling hopes that a takeover by Barrick will reward existing First Quantum shareholders with a handsome premium over the stock's beaten-up state at the end of 2023. Now, with the stock rallying in the opening days of 2024, the stakes are much higher: The elevated share price is already reflecting a much better outcome for First Quantum, introducing new downside risk should a deal either fail to appear or arrive with a disappointing price. Scotiabank's Orest Wowkodaw notes that Barrick's copper mine in Zambia offers a good fit with First Quantum's assets in the same country.