掀开奶罩边躁狠狠躁苏玥视频,无码专区3d动漫精品,去阳台跪着把屁股抬起来,精品国产丝袜黑色高跟鞋


First Quantum eyes Cobre Panama stake sale

  • Wednesday, March 25, 2020
  • Source:ferro-alloys.com

  • Keywords:First Quantum, Cobre Panama
[Fellow]First Quantum eyes Cobre Panama stake sale

[ferro-alloys.com]Miner 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. First Quantum shares are down more than 50% this year.

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. Its net debt at the end of 2019 stood at $8.8 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.

First Quantum did not respond to a request for comment on Tuesday. Sources declined to be identified as the discussions are confidential.

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 $1.2 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 this month added 3.8 million shares, or 0.8%, 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.

Global miners Rio Tinto Plc and BHP are keen to grow their copper businesses and have capacity for deals, analysts said.

But Panama is an unknown jurisdiction, the second source said. Travel restrictions could also make it harder to hold face-to-face discussions and tour mine sites.

(Mining.com)

  • [Editor:王可]

Tell Us What You Think

please login!   login   register
Please be logged in to comment!
主站蜘蛛池模板: 遂宁市| 贡觉县| 营口市| 礼泉县| 西乌| 湖口县| 文昌市| 枣强县| 靖宇县| 铁岭市| 泊头市| 南陵县| 阿城市| 洛川县| 塔城市| 库尔勒市| 刚察县| 普安县| 华蓥市| 洪湖市| 萍乡市| 扎鲁特旗| 沁水县| 米泉市| 昭平县| 徐汇区| 萍乡市| 德格县| 喀什市| 盐亭县| 武平县| 镇原县| 鄱阳县| 温宿县| 安庆市| 娄烦县| 绥江县| 西城区| 荆门市| 鹤庆县| 山阴县|