Weaker Chinese demand for base metals will limit returns on First Quantum's large growth potential.
In the face of weak copper prices and a burdensome debt load, no-moat First Quantum continues to make progress on the cost front. The company lowered its 2016 cost guidance for the second quarter in a row, dropping the midpoint of its unit cost guidance by roughly 6% to $1.05-$1.15 per pound. We remain comfortable with our cost estimates, which are within management's updated range. Still, we are raising our fair value estimate to CAD 3.70 per share from CAD 3.30 per share to account for an upda...First Quantum Minerals is engaged in the production of copper, nickel, gold, zinc, platinum-group elements and acid, and related activities including exploration and development. Co. has operating mines located in Zambia, Australia, Finland, Turkey, Spain and Mauritania. Co. is developing the Trident project in Zambia, the Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru and the Taca Taca copper-gold-molybdenum porphyry deposit in Argentina. Co.'s operating segments are individual mine development projects or mine operations. The Corporate and Other segment evaluates and acquires new mineral properties and includes Co.'s metal marketing division.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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