First Quantum Minerals Ltd. (FQVLF - Free Report) has inked a deal with Mimosa Resources to speed up the development of the Fishtie copper project, per reports. This move marks an important step for the companies to increase their copper outputs in the coming years.
Zambia aims to triple its copper output. It has changed its tax policy in order to encourage mining exploration and output.
First Quantum’s agreement with the Zambia-based mining company calls for mining at the Fishtie copper project to begin in 2026. Annual production is expected to peak at 30,000 metric tons of copper by the end of the decade.
This partnership reinforces First Quantum's commitment to continued investment and expansion in Zambia, which is already a well-established participant in mining. Mimosa Resources is expected to raise a total investment of $200 million for the project.
In the third quarter of 2023, First Quantum recorded total revenues of $2,029 million, of which $1,791 million was accounted for by copper sales. It reported revenues of $1,727 million in the third quarter of 2022.
Price Performance
First Quantum’s shares have lost 65.8% in the past year against the industry’s growth of 10.3%.
Zacks Rank & Stocks to Consider
First Quantum currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the basic materials space are Axalta Coating Systems Ltd. (AXTA - Free Report) , Universal Stainless & Alloy Products, Inc. (USAP - Free Report) and The Andersons Inc. (ANDE - Free Report) . AXTA sports a Zacks Rank #1 (Strong Buy), and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Axalta Coating’s 2023 earnings is pegged at 44 cents per share. The consensus estimate for 2023 earnings has moved 23% north in the past 60 days. Its shares have gained 15.7% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 96% in the last year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.
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Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.2% per year. So be sure to give these hand picked 7 your immediate attention.
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First Quantum Minerals Ltd. (FQVLF - Free Report) has inked a deal with Mimosa Resources to speed up the development of the Fishtie copper project, per reports. This move marks an important step for the companies to increase their copper outputs in the coming years.
Zambia aims to triple its copper output. It has changed its tax policy in order to encourage mining exploration and output.
First Quantum’s agreement with the Zambia-based mining company calls for mining at the Fishtie copper project to begin in 2026. Annual production is expected to peak at 30,000 metric tons of copper by the end of the decade.
This partnership reinforces First Quantum's commitment to continued investment and expansion in Zambia, which is already a well-established participant in mining. Mimosa Resources is expected to raise a total investment of $200 million for the project.
In the third quarter of 2023, First Quantum recorded total revenues of $2,029 million, of which $1,791 million was accounted for by copper sales. It reported revenues of $1,727 million in the third quarter of 2022.
Price Performance
First Quantum’s shares have lost 65.8% in the past year against the industry’s growth of 10.3%.
Zacks Rank & Stocks to Consider
First Quantum currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the basic materials space are Axalta Coating Systems Ltd. (AXTA - Free Report) , Universal Stainless & Alloy Products, Inc. (USAP - Free Report) and The Andersons Inc. (ANDE - Free Report) . AXTA sports a Zacks Rank #1 (Strong Buy), and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Axalta Coating’s 2023 earnings is pegged at 44 cents per share. The consensus estimate for 2023 earnings has moved 23% north in the past 60 days. Its shares have gained 15.7% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 96% in the last year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.2% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
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