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First Quantum Minerals Ltd
Symbol FM
Shares Issued 691,787,827
Close 2022-09-09 C$ 23.82
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Globe says Wowkodaw bullish on Hudbay, First Quantum

2022-09-12 09:16 ET - In the News

See In the News (C-HBM) Hudbay Minerals Inc

The Globe and Mail reports in its Saturday edition that in May Citi Research estimated an additional 5.5 billion tonnes of strategic metals, including copper, will be needed before 2050 to meet net-zero emissions targets. The Globe's Scott Barlow writes that for context, there are 20 million tonnes of copper produced annually. The bullish outlook for copper has not been apparent in recent market activity. The problem is highlighted by a recent Citi report by analyst Ephrem Ravi with the blunt and disquieting title Beware the False Dawn in Metals Demand. Mr. Ravi believes that an upcoming recession in Europe will depress copper demand and prices. Citi's copper research and the growth outlook imply that patience is the wise course where mining stocks are concerned. Scotiabank analyst Orest Wowkodaw, however, sees things differently. He believes that a combination of healthy balance sheets, rising costs for developing new mines, and depressed stock prices will lead to a new cycle of merger and acquisition activity in the mining sector. Mr. Wowkodaw says Hudbay Minerals and First Quantum Minerals are attractive picks. Mr. Barlow says they would be among his preferred investment choices for copper exposure.

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