September 19, 2019 / 9:25 PM / a month ago

Copper miner First Quantum Minerals draws takeover interest: Bloomberg

(Reuters) - Canadian copper miner First Quantum Minerals Ltd (FM.TO) is drawing preliminary takeover interest from global miners after losing half its value over the past five years, Bloomberg reported on Thursday.

The company, which is the owner of Africa’s biggest copper mine, is working with defense advisers to examine options, the report said, citing people with knowledge of the matter, although no formal offers had been received yet.

First Quantum did not immediately respond to Reuters request for comment.

As of Thursday’s close, the company had a market valuation of C$7.72 billion, according to Refinitiv data. Shares of the company closed up 10.3% at C$11.20 on the Toronto Stock Exchange.

Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur

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