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Gold/Mining/Energy : first quantum minerals FM on TSE
FM 27.190.0%Jan 8 4:00 PM EST
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To: Garry R. who wrote (250)9/28/1999 2:47:00 PM
From: keith schaefer  Read Replies (1) of 385
 
This appeared in South Africa today, from Investec Securities

Africa Today
Summary of News and Ideas 28 Sept 1999

"The latest rumour to hit the market is the claim that Canada's First Quantum Minerals (FM - Cdn$1.17) is about to bid for the Nchanga mining complex, so noticeably not included in Anglo's most recent bid to ZCCM. Of course, Anglo did indicate that it was prepared to manage the Nchanga mines with the optoin to purchase them at some indeterminate (at least to us) time in the future. It does not seem that Anglo has made this option a condition of its bids for the other assets of ZCCM (this is a state-owned mining company), presumably leaving the field relatively clear for FM.

FM has been active in Zambia for some years now, but has suffered mixed fortunes. Its development of the Bwana Makuba heap leach and acid facility has been an unqualified success, but its attempts to expand its portfolio have not been so fortunate...blah..blah...blah...company has recently got a a C$12 m capital restructuring away just as the copper price begins to show signs of life. Thus the time to strike seems appropriate and despite Anglo's decision not include Nchanga in its bid, we believe the asset has considerable upside. It's risky - but then the junior mining stocks often are, but FM has a good track record and could be on the verge of a major coup."

Now, I did some checking around, and Nchanga is a state-owned mine which has a rough resource of 197 million metric tonnes of mostly oxide 2% copper, and a reserve of 112 million tonnes of 4%.

The government is selling back many assets it nationalized years ago.
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