BUZZ-First Quantum Minerals Ltd: Plans to cut debt by $1 bln
** Canadian copper miner's stock up 19.4 pct at C$7.39, second most heavily traded on TSX
** Company to reduce net debt by C$1 billion ($767 million) by end of Q1 2016 and lowers 2015 copper production forecast
** Company had debt of $5.50 bln as of June 30
** Also lowers 2015 cash cost forecast for copper to $1.20-$1.35/pound from $1.30-$1.55
** Reaches streaming agreement with Franco-Nevada Corp on Cobre Panama mines; Franco-Nevada to pay initial contribution of $330 mln-$340 mln out of $1 bln of funding to First Quantum this month
** "The uncertainty around the streaming agreement had been an overhang on First Quantum's shares," Jefferies & Co analysts write. "We expect this announcement to be viewed positively"
** Lowers Panama project's capital costs by 7 pct, expects completion late in 2017
** Company also reports power stability in Zambia and expects production from the Sentinel mines by 2015-end
** Up to Monday's close, stock had fallen nearly 63 pct this year
($1 = 1.3044 Canadian dollars)
© Thomson Reuters 2016 All rights reserved.