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First Quantum stocks drop on news of strike impact

First Quantum stocks drop on news of strike impact

Photo by Bloomberg

30th September 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The TSX-listed stock of base metals miner First Quantum Minerals on Tuesday fell by as much as C$0.51 a share after the company revealed that a strike at its Guelb Moghrein copper/gold mine, in Mauritania, had negatively impacted on the operation’s expected output by about 2 800 t of copper and 3 500 oz of gold.

Vancouver-based First Quantum reported that the workforce at its Guelb Moghrein mine had returned to work and operations had resumed following strike action by some unionised employees.

The dual-listed miner earlier this month suspended operations, but did not provide further details on how the dispute was resolved.

First Quantum is a diversified metals producer, operating seven mines in Africa, Europe and Australia, while it is busy developing the world-class Cobre Panama copper project, in Panama, which it acquired through Inmet Mining last year.

Around midday Tuesday the miner’s TSX-listed stock traded at about C$21.44 apiece, down 1.3% for the day.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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