June 25, 2019 / 7:34 PM / a year ago

BUZZ-First Quantum Minerals: BMO says Cobre Panama shipments a positive sign

** BMO Capital Markets says global copper producer First Quantum Minerals’ sale of copper concentrate from Cobre Panama mine in Q2 is a positive sign

** Brokerage says shipment shows mine ramp-up is progressing well

** BMO cuts PT to C$15.00 from C$15.25, cites timing of first shipments, accounting for a larger-than-expected inventory through the process

** The company said on Monday, the Panama mine is on track to produce between 140-175,000 tonnes of copper in 2019 with over 80% of production expected in the second half of the year

** Brokerage says resulting cash flow growth should continue to improve company’s balance sheet

** 16 of 25 brokerages rate the stock “buy” or higher, 7 “hold” and 2 “sell”; Median PT C$17.50

** Stock up ~12% YTD (Reporting By Arundhati Sarkar in Bengaluru)

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