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First Quantum Minerals Ltd
Symbol FM
Shares Issued 691,061,319
Close 2022-01-20 C$ 35.44
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Globe says First Quantum maintained at "outperform"

2022-01-20 08:26 ET - In the News

The Globe and Mail reports in its Thursday, Jan. 20, edition that RBC Dominion Securities analyst Sam Crittenden has reaffirmed his "outperform" recommendation for First Quantum Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Crittenden jacked his share target up by $1 to $38. Analysts on average target the shares at $35.82. Mr. Crittenden sees First Quantum "positioned as a 'go to' copper name." The RBC stockpicker points to First Quantum's "strong free cash flow potential at current copper prices, organic growth, an improved balance sheet, and uncertainty around Panama royalties and cost inflation largely answered." On Monday, First Quantum agreed with Panama's government to increase royalty payments at its flagship Cobre Panama copper mine to $375-million a year. It also revealed its 2021 preliminary production, guidance through 2024 and climate change targets. Mr. Crittenden says in a note: "At spot copper, we calculate FCF in 2022 of $2.7-billion implying a yield of 14.4 per cent, vs. peers at 12.5 per cent. First Quantum has made steady progress reducing leverage with net debt falling to $6.3-billion at Q3/21 after peaking at $7.7-billion in Q4/19."

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