| Zambia power cuts push First Quantum closer to downgrade -Moody's | |
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LONDON, Aug 3 (Reuters) - Power cuts in Zambia, coupled with falling copper prices, are increasing the risk of a credit rating downgrade at copper producer First Quantum, Moody's said on Monday. Moody's, which has a negative outlook on its B1 rating for Canada's First Quantum, said that "credit metrics may deteriorate more sharply than anticipated in the next 12 months, towards levels not commensurate with the current rating." Power cuts in north-western Zambia have affected production at mines run by First Quantum and other producers. The mining firm said it will lay off about 1,480 workers at one of its Zambian copper projects after the reduction in power supply curbed production. First Quantum's problems were compounded by a fall in copper prices -- down about 18 percent so far this year -- that is denting its revenue at a time of mounting financial pressure for the company, which is consuming cash as its develops its large, open pit Cobre Panama project, Moody's said. (Reporting by Silvia Antonioli; editing by Louise Heavens)
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First Quantum Minerals Ltd.
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PRODUCER |
CODE : FM.TO |
ISIN : CA3359341052 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
First Quantum is a copper producing company based in Canada. First Quantum produces copper, cobalt and gold in Congo Dem. Rep. of, in Mauritania and in Zambia, develops cobalt, copper and nickel in Congo Dem. Rep. of and in Zambia, and holds various exploration projects in Congo Dem. Rep. of and in Peru. Its main assets in production are BWANA MKUBWA, KANSANSHI and MOPANI in Zambia, FRONTIER and KOLWEZI in Congo Dem. Rep. of and GUELB MOGHREIN in Mauritania, its main assets in development are KOLWESI MUSONOI in Congo Dem. Rep. of and KALUMBILA in Zambia and its main exploration properties are KEVITSA and KEVISTA in Finland, HAQUIRA EAST and CRISTO DE LOS ANDES in Peru and KIPUSHI in Congo Dem. Rep. of. First Quantum is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 11.2 billions as of today (US$ 8.2 billions, € 7.6 billions). Its stock quote reached its lowest recent point on November 02, 2001 at CA$ 0.38, and its highest recent level on April 25, 2024 at CA$ 16.21. First Quantum has 689 369 984 shares outstanding. |