09:29:31 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
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First Quantum Minerals Ltd
Symbol FM
Shares Issued 693,599,174
Close 2023-12-27 C$ 11.24
Market Cap C$ 7,796,054,716
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Globe says First Quantum has seen better years

2023-12-27 08:48 ET - In the News

The Globe and Mail reports in its Saturday edition that copper is everywhere -- in electrical wires, automobiles, plumbing pipes, doorknobs -- thanks to its conductive properties and corrosion resistance. The Globe's John Heinzl writes that you can also find copper in trombones, which are used to create that sad "womp, womp, womp" sound you hear when gameshow contestants lose out on a big prize. Which brings us to miner First Quantum Minerals. In a move that caught investors completely off guard, the government of Panama ordered First Quantum to shut down its giant Cobre Panama copper mine -- by far the company's largest project -- in response to fierce opposition from environmental, labour and indigenous groups. This followed the decision by Panama's Supreme Court to tear up the company's "unconstitutional" 20-year contract to operate the mine, just weeks after the deal had been finalized. With First Quantum losing about $20-billion of market value since the summer, you cannot help but hear the "womp, womp, womp" of a trombone when you look at its sad stock chart. The Globe reported on Dec. 12 that Scotia Capital analyst Orest Wowkodaw continued to rank First Quantum Minerals "sector perform." It was then worth $9.90.

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