Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, December 10, 2013

First Quantum delays cost update on Cobre Panama project, (TSE: FM.TO)

First Quantum Minerals Ltd said on Tuesday the revised capital cost estimate and project schedule for its Cobre Panama copper project in Central America is taking slightly longer than expected and is now only likely to be completed in early 2014.Vancouver-based First Quantum, which bought the huge copper project in Panama via its C$5.1 billion ($4.8 billion) takeover of rival Inmet Mining this year, had promised to outline a revised estimate and schedule before the end of the year."The update on the Cobre Panama project early in 2014 will be the culmination of a comprehensive review and re-engineering of all aspects of the project's development," First Quantum Chief Executive Philip Pascall said in a statement. "We had intended to publish the update earlier, however we have had to correct a number of acquired technical and logistical shortcomings so it is taking slightly longer than anticipated."Shares in the company reacted negatively to the news falling 2 percent to C$17.20 in morning trading on the Toronto Stock Exchange.

First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 2.56% or $-0.45/share to $17.10. In the past year, the shares have traded as low as $14.22 and as high as $22.55. On average, 1482700 shares of FM.TO exchange hands on a given day and today's volume is recorded at 618662.