** Shares of the Canada-based miner fall 7.2% to C$10.19, a more than four-month low
** Scotiabank analyst Orest Wowkodaw cuts PT to C$18 from C$19 for FM, which has assets in Africa, on heightened geopolitical Zambian risk
** Central African countries are said to be seeking a bigger share of resource revenues; Since September 2018, Zambia has increased copper and gold royalty rates, made all royalties non-deductible for income tax purposes, and imposed a new punitive sales tax regime - Scotiabank
** Brokerage also increases NAV discount rate to 12% from 8% for FM’s Africa-based assets - Kansanshi, Sentinel and Guelb Moghrein
** Cuts NAV estimates for the assets by ~45%, after factoring in the revised 12% discount rate
** Out of 24 brokerages, 16 rate the stock “buy” or higher, 7 “hold” and 1 “sell”; median PT at C$18
** Including today’s losses, stock down ~8% YTD (Reporting by Shanti S Nair in Bengaluru)
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