8th World Antimony Forum

TBD
Guiyang, Guizhou, China

12th Rare Earth Summit

TBD
Hangzhou, Zhejiang, China

11th Aluminum Raw Materials Summit

TBD
Hangzhou, Zhejiang, China

9th Magnesium Summit

TBD
Hangzhou, Zhejiang, China

13th World InBiGeGa Forum

TBD
Hangzhou, Zhejiang, China

7th World Antimony Forum

June 13-14, 2019
Changsha, Hunan, China

7th Refractory & Abrasive Materials Summit 2019

May 23-24, 2019
Qingdao, Shandong, China

10th Aluminum Raw Materials Summit

May 16-17, 2019
Zhengzhou, Henan, China

11th Rare Earth Summit

May 9-10, 2019
Qingdao, Shandong, China

8th Magnesium Summit

April 11-12, 2019
Zhuhai, Guangdong, China

12th World InBiGeGa Forum

March 14-15, 2019
Zhuhai, Guangdong, China

First Quantum Minerals eyes stake sale in Panama copper mine

2020-03-25 09:01:59   【Print】
First Quantum Minerals is considering selling a minority stake in its flagship Cobre Panama copper mine to reduce debt, two banking sources familiar with the discussions said.

First Quantum's possible move comes as global miners scramble to bolster finances strained by the coronavirus pandemic, which has battered stocks and copper prices.

Total investment in Cobre Panama, located 120 km (75 miles) west of Panama City, up to 2019 stood at $6.3 billion, according to the company.

With a current market capitalization of $2.4 billion, First Quantum trades around three times its earnings before interest, taxes, depreciation and amortization, compared to an average of eight times for mining companies.Asian Metal Copyright The Canadian miner is studying options to maintain control, the sources said, even though a standstill agreement prevents Jiangxi Copper from acquiring more than 20% of the shares.Asian Metal Copyright Its net debt at the end of 2019 stood at $8.Asian Metal Copyright8 million shares, or 0.Asian Metal Copyright8 billion.

The Canadian miner will have to do more than refinance its debt after talks to sell down its Zambian mines stalled because of the outbreak, said one of the sources.

Cobre Panama, with proven copper reserves of 3.18 billion tonnes and a 40-year mine life, is 90 percent owned by First Quantum.

The company said earlier on Tuesday that it would cut pay for some senior staff and review spending after some workers at the mine contracted the virus. In a statement announcing the moves, it said it had an estimated $1.Asian Metal Copyright1 billion for an 18% stake in it.Asian Metal Copyright2 billion in cash and credit on hand.

The miner earlier this year strengthened its takeover defense, weeks after Jiangxi Copper spent $1.1 billion for an 18% stake in it.

One of China's biggest copper producers, state-backed Jiangxi Copper this month added 3.8 million shares, or 0.Asian Metal Copyright Cobre Panama, with proven copper reserves of 3.Asian Metal Copyright8%, to its 18% stake in First Quantum, a regulatory filing showed.

The Canadian miner is studying options to maintain control, the sources said, even though a standstill agreement prevents Jiangxi Copper from acquiring more than 20% of the shares.

.Asian Metal Copyright In a statement announcing the moves, it said it had an estimated $1.Asian Metal Copyright