Morningstar - First Quantum Minerals Ltd. (FM) Weaker Chinese demand for base metals will limit returns on First Quantums large growth potential.

Report

Morningstar

Seth Goldstein, CFA

EUR 101.80 For Business Accounts Only

Weaker Chinese demand for base metals will limit returns on First Quantum's large growth potential.

Weâ€™ve raised our 2017 and 2018 copper price forecasts amid short-term supply constraints and stimulus-related demand growth in China. We now expect prices to average $2.65 per pound in 2017 (previously $2.40) and $2.40 in 2018 (previously $2.05). Our Freeport-McMoRan fair value estimate rises to $7.20 per share from $6.10, our Antofagasta fair value estimate increases to GBX 413 per share from GBX 388, and our First Quantum fair value estimate rises to CAD 6.20 per share from CAD 5.40.
We expec...

11/08/2017 13 EN

Underlying

First Quantum Minerals Ltd.

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.

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CA3359341052 Toronto Stock Exchange Canada

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Seth Goldstein, CFA

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Weaker Chinese demand for base metals will limit returns on First Quantum's large growth potential.

First Quantum Minerals Announces Early Results of Cash Tender Offer to Purchase Its Outstanding 9.375% Senior Secured Second Lien Notes Due 2029 in a Maximum Aggregate Principal Amount of Up to $250 Million

First Quantum Announces Completion of $1,000 Million Senior Notes Offering

First Quantum Minerals Announces Results of Cash Tender Offer to Purchase Any and All of Its Outstanding 6.875% Senior Notes Due 2027

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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