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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 (322)	1/11/2001 8:13:31 AM
From: Dan P	Read Replies (2) \| Respond to of 385

Stephen: First Quantum is a fine company, and in fact the stock has held up well, in spite of a lousy resource market. My only concern is the county(s) risk,and that it is hard to quantify this. Regards Dan

To: Stephen O who wrote (322)	1/11/2001 8:27:36 AM
From: Dan P	Read Replies (1) \| Respond to of 385

From: First Quantum Minerals Ltd. (FM) first-quantum.com mailto:info@first-quantum.com --------------------------------------------------------------------------- Re: Articles & Comments - Monday, January 08, 2001 Hard Rock Analyst Top Pick 2001 - First Quantum Minerals Publisher: Vanguard Consulting Ltd Author: David Coffin, Editor =========================================================================== Though we are generally cautious about making a Top Pick, one company we have been following for some time does stand out. First Quantum Minerals (FM-T) began copper production from a small tailings (processing waste) pile in Zambia four years ago, catching our eye with a number of innovations they introduced and because Zambia was beginning to privatize its famed Copper Belt after 3 decades of state-operated decline. Early last year FM, with European metals trader Glencore International, acquired the Mufulira mining & copper refining complex and the Nkana mine and cobalt refinery, two of the gems of the Belt's privatization. As a result of these acquisitions FM has been vaulted into the mid-tier of the mining sector with major assets in one of the world's most important re-emerging copper-cobalt districts. We anticipate First Quantum to earn US$0.20-25/share for 2000, verses nil/share 1999, which would more than justify the current US$2 price range. During 2001 operating improvements and capital infusion by the joint venture should easily triple FM's earnings, and the company has been keeping a reasonable hedge book to mitigate sharp metal price changes.