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Gold/Mining/Energy : first quantum minerals FM on TSE
FM 27.190.0%Jan 8 3:00 PM EDT
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To: Stephen O who wrote (351)9/24/2003 11:30:00 PM
From: Stephen O  Read Replies (1) of 385
 
FIRST QUANTUM MINERALS (FM : TSX : C$8.39) - BUY - 12-MONTH TARGET PRICE:
C$10.00
Greg Barnes
Comment: New copper discovery in the Congo
First Quantum announced the discovery of a new copper deposit in the
Democratic Republic of Congo (DRC). This discovery has long been rumoured
in the market, but still comes as a positive addition to First Quantum’s
copper story. The new prospect, called Lufua, is located approximately two
kilometres inside the DRC border with Zambia and approximately 45
kilometres from First Qauntum’s Bwana Mkubwa oxide copper plant
that is currently processing ore from the Lonshi Mine, also located in the
DRC. The location of the new discovery in the DRC will likely leave some
investors cautious and given its still early stage, we are reluctant to
add much value at this point to First Quantum. It does, however,
demonstrate the significant mineral potential in the Zambia/DRC Copper
Belt and as political uncertainties diminish, there is the possibility
that the area could once again become one of the major copper producing
regions in the world. We are maintaining our BUY recommendation and
C$10.00 target price. Our target price is based upon our 12% discounted
net asset value of C$9.83/share.
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