After the recession of 2008-2009 and following the 2015 China-led recession, mining presented the best buying opportunities in the last 20 years, according to Credit Suisse.The sell-side firm said Tuesday that the period following the current pandemic-driven recession could also bring significant opportunities for alpha generation in mining. The Mining Analyst Curt Woodworth upgraded Freeport-McMoRan Inc (NYSE: FCX) from Underperform to Neutral and lowered the price target from $10 to $8.The analyst also upgraded First Quantum (OTC: FQVLF) from Neutral to Outperform and maintained a CA$12 ...
South Africa's strict coronavirus lockdown has caused miners to divert copper from the country's ports to others in Africa, with Dar es Salaam the clear winner, sources told Reuters. Authorities in South Africa initially said ports would only process essential goods during a three-week nationwide lockdown that began on March 27.
First Quantum Minerals Ltd. (“FQM” or the “Company”) (FM.TO) announces that it is in receipt of Resolution No. 11622 dated April 6, 2020 issued by the Director General of Health of the Ministry of Health of the Republic of Panama (“MINSA”) ordering the temporary suspension of labour activities at its Panamanian subsidiary Minera Panama, S.A., as a sanitary control measure due to COVID-19. The Company has decided to place the Cobre Panama operation onto care and maintenance until MINSA are satisfied that the quarantine conditions are appropriate. “We have been working very closely with MINSA ...
Canada's main stock index gave up early gains to trade lower on Friday, as fears of a deep recession fueled by the coronavirus pandemic overshadowed gains in energy stocks boosted by higher oil prices. * Canada faces "a critical week" in fighting the coronavirus, a senior official said, as the death toll surged to 161 from 105 on Wednesday, while positive cases rose to 11,131 from 9,017. * At 9:51 a.m. ET (1351 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 40.98 points, or 0.31%, at 13,056.86.
Canada's Cenovus Energy Inc on Thursday said it would support any further moves by the oil-rich province of Alberta to curtail production as the industry scrambles to head off a storage crunch. The endorsement comes as Alberta Premier Jason Kenney said the western Canadian province is open to joining any potential global pact to reduce a glut of crude production. Storage levels in Alberta, home to the world's third-largest crude reserves, have ballooned to around 30 million barrels and are fast approaching capacity of about 40 million as producers park crude to cope with plummeting demand, ...
