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Gold/Mining/Energy : first quantum minerals FM on TSE -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (313)	10/14/2000 3:21:53 PM
From: Stephen O	Read Replies (1) \| Respond to of 385

Northern Securities Inc have just published a report with a 12 month target price of $7.50. The headline reads "The Right Time in the Economic Cycle for a Copper Stock - First Quantum Minerals May be the World's Best Pure Play!". Copper production of 130 million pounds in 2001. They expect prices to surge over $1.05 per pound during 2001. FM's shares are trading at 1.3 times estimated 2001 cash flow and 2 times estimated fully diluted earnings assuming an average copper price of $1.05. Using 92c copper price they expect earnings of 60c per share and cash flow of $1.10.