Thursday, July 17, 2014

Seeking Alpha: First Quantum Minerals Shooting For The Top

I can't complain about First Quantum's (OTCPK:FQVLF) (FM.TO) (FQM.L) performance since my Top Idea write-up in December of 2013, as the shares have risen almost 50%. First Quantum is far from the only base metal miner to do well over that stretch, as others like Hudbay Minerals (NYSE:HBM), Lundin (OTCPK:LUNMF), and Kazakhmys (OTCPK:KZMYY) have also done quite well. Even so, I love the company's ambitious plans to grow its way into the top ranks of global copper and nickel producers, as well as its demonstrated excellence in bringing mines into production on-schedule and close to budget.

I do believe that First Quantum is in a stronger position than it was eight months ago, but not nearly so strong enough to offer the same sort of bargain. I've moved my fair value estimate up a bit, but First Quantum looks more like a growth-oriented "hold" than a strong buy at this point.

Continue reading here:
First Quantum Minerals Shooting For The Top

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