BUZZ-First Quantum Minerals Ltd: Copper prices, capex cut weighs

Tue Jan 27, 2015 1:04pm EST
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** Copper miner's shares down 5.9 pct at C$11.50 after cutting its 2015 spending forecast for its flagship mine

** Copper prices near 5-1/2 year low on concerns about China's economic growth

** FQM cuts 2015 spending plan for Cobre Panama to $600 mln, to spend $1.2-$1.4 bln overall in 2015

** Numis has estimated $1.4 bln to be spent on Cobre Panama and $2 bln overall

** "Given the state of the markets, the company is paying close attention" to its balance sheet, as is the rest of the market," brokerage says

** Numis cuts price target on London-listed stock to 10.50 euros from 11.50 euros on lower 2015 numbers

** Brokerage upgrades to "buy" from "add" on price deprecation

** Stock has lost about a quarter of its value on LSE and TSX this year through Monday