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First Quantum (FQVLF) Halts Production at Cobre Panama Mine
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First Quantum Minerals Ltd. (FQVLF - Free Report) has halted operations at its Cobre Panama mine due to a blockade of small boats at the Punta Rincon port, which has hampered the delivery of essential supplies, per reports.
Without the delivery, the company is expected to run out of supplies at the mine . Since the blockade, the company has been ramping down its production.
Additionally, output at the mine was hampered by widespread protests in October over a decision to renew the operating contract.
Production is expected to resume once the blockade is over. The site crew is keeping the plant, power generation facilities and all associated infrastructure secure, and is ready for a quick restart once the international port reopens.
Cobre Panama accounted for roughly 40% of First Quantum's revenues and 1.5% of the world’s copper supply in 2022. In the third quarter of 2023, the mine produced 112,734 metric tons of copper and contributed $930 million to the company’s quarterly revenues.
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 56.8% in the past year against the industry’s growth of 8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
First Quantum currently carries a Zacks Rank #3 (Hold).
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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First Quantum (FQVLF) Halts Production at Cobre Panama Mine
First Quantum Minerals Ltd. (FQVLF - Free Report) has halted operations at its Cobre Panama mine due to a blockade of small boats at the Punta Rincon port, which has hampered the delivery of essential supplies, per reports.
Without the delivery, the company is expected to run out of supplies at the mine . Since the blockade, the company has been ramping down its production.
Additionally, output at the mine was hampered by widespread protests in October over a decision to renew the operating contract.
Production is expected to resume once the blockade is over. The site crew is keeping the plant, power generation facilities and all associated infrastructure secure, and is ready for a quick restart once the international port reopens.
Cobre Panama accounted for roughly 40% of First Quantum's revenues and 1.5% of the world’s copper supply in 2022. In the third quarter of 2023, the mine produced 112,734 metric tons of copper and contributed $930 million to the company’s quarterly revenues.
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 56.8% in the past year against the industry’s growth of 8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
First Quantum currently carries a Zacks Rank #3 (Hold).
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.