May 23, 2019 / 1:17 PM / 5 months ago

BUZZ-First Quantum buffeted by Zambia politics - TD Securities

** TD Securities cuts PT of Canadian mining company to C$18.5 from C$21 citing political risk in Zambia

** Zambia’s President Edgar Lungu on Monday announced plans to strip Vedanta-controlled Konkola Copper Mines of its mining license; FM’s assets in the country were not mentioned in the plan

** Brokerage also concerned that co could face reduced availability of electricity in Zambia over the coming dry season; says power shortage may affect production

** BMO also cuts PT to C$15.25 from C$16, says ongoing “noise” from Zambia will remain business as usual, and that it will continue to deter some investors

** 16 of 24 brokerages rate the stock “buy” or higher, 7 “hold” and 1 “sell” or lower; median PT is C$18

** Shares of the company have fallen 11% YTD

Reporting by Shradha Singh in Bengaluru

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