Updated Oct. 31, 2023 5:42 pm ET
The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1224 ET – First Quantum Minerals shares continued their decline on Tuesday as uncertainty over the future of its big Cobre Panama copper mine remains. Shares were down nearly 16% at C$16.88. First Quantum says it noted the Panamanian government’s intention to hold a popular consultation in December over Law 406 which approved the company’s revised contract for Cobre Panama. “First Quantum has contacted the government in order to understand the details in respect of the popular consultation,” it said. On Monday, analysts at National Bank of Canada lowered their rating on First Quantum’s stock to sector perform from outperform and cut their target by C$4 to C$36 a share to reflect increased uncertainty. (adriano.marchese@wsj.com)
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