| Over a week ago | ||||
Scotiabank analyst Orest… Scotiabank analyst Orest Wowkodaw raised the firm's price target on First Quantum Minerals to C$38 from C$33 and keeps an Outperform rating on the shares. | ||||
TD Securities raised the… TD Securities raised the firm's price target on First Quantum Minerals to C$34 from C$31 and keeps a Hold rating on the shares. | ||||
Raymond James analyst… Raymond James analyst Farooq Hamed upgraded First Quantum Minerals to Outperform from Market Perform with a C$35 price target after the company and the government of Panama reached an agreement on a proposed concession contract for the Cobre Panama mine. The analyst believes the proposed contract signals a "significant reduction in risk" at Cobre Panama and for First Quantum. | ||||
JPMorgan analyst Patrick… JPMorgan analyst Patrick Jones upgraded First Quantum Minerals to Neutral from Underweight with an unchanged price target of C$28. With the Panama tax dispute resolved, the analyst says the stock's negative catalysts have played out. | ||||
Franco-Nevada (FNV)… Franco-Nevada (FNV) announced that it has been advised by its partner First Quantum Minerals (FQVLF) that First Quantum's subsidiary, Minera Panama, S.A., has agreed and finalized the draft of a concession contract with the Government of Panama for the Cobre Panama mine. The proposed concession contract will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine. The proposed concession contract is subject to a 30-day public consultation process and approvals by the Panamanian Cabinet, Comptroller General of the Republic and the National Assembly. The Panama Maritime Authority has confirmed that it will issue a resolution today for MPSA to resume concentrate loading operations at the Punta Rincon port. Ore processing is expected to resume and restore the mine to full production levels over the next several days. | ||||
First Quantum Minerals… First Quantum Minerals announced that its Panamanian subsidiary, Minera Panama, has agreed and finalized the draft of a concession contract with the Government of Panama for the Cobre Panama mine. The Proposed Concession Contract meets the objectives outlined by the Government in January 2022 related to government revenues, environmental protections and labour standards. It also provides legal protections necessary to both parties to ensure durability and stability. The Proposed Concession Contract is subject to a 30-day public consultation process and approvals by the Panamanian Cabinet, Comptroller General of the Republic and the National Assembly. The Proposed Concession Contract will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine. Additionally, the Panama Maritime Authority has confirmed that it will issue a resolution today for MPSA to resume concentrate loading operations at the Punta Rincon port. Ore processing is expected to resume and restore the mine to full production levels over the next several days. The Proposed Concession Contract will include the following principal economic terms once it takes effect: Payment by MPSA of $375 million plus an additional $20 million to cover taxes and royalties up to the year end 2022; Payment by MPSA starting in 2023 of an annual minimum contribution of $375 million in Government income, comprised of corporate taxes, withholding taxes and a profit-based mineral royalty of 12 to 16 percent, with downside protections; Downside protections to the annual minimum contribution under the following conditions: Until the end of 2025, copper price below $3.25 per pound; From 2026 and beyond, a total tax contribution for that year of less than $300 million; Application of the general regime of income tax, including deductions for depletion, and withholding taxes in Panama. | ||||
Deutsche Bank analyst… Deutsche Bank analyst Liam Fitzpatrick raised the firm's price target on First Quantum Minerals to C$35 from C$33 and keeps a Buy rating on the shares. According to Reuters, the Panamanian government and the company are nearing an agreement on their negotiations over the contract to operate the mine. According to the lawyer advising the government, a deal is "imminent" in "less than two weeks," the firm notes. Deutsche Bank believes a successful end to the negotiations and lifting of the export ban will likely close First Quantum's underperformance versus peers. | ||||
CIBC lowered the… CIBC lowered the firm's price target on First Quantum Minerals to C$26 from C$28 and keeps a Neutral rating on the shares. | ||||
| Over a month ago | ||||
Scotiabank lowered the… Scotiabank lowered the firm's price target on First Quantum Minerals to C$33 from C$35 and keeps an Outperform rating on the shares. | ||||
National Bank analyst… National Bank analyst Shane Nagle raised the firm's price target on First Quantum Minerals to C$29 from C$28 and keeps a Sector Perform rating on the shares. | ||||
