First Quantum Minerals Growth Potential

Goldman Sachs reiterates a Buy rating on First Quantum Minerals, highlighting its 260% production growth potential through a massive project pipeline in Zambia, Panama, Argentina, and Peru. The stock remains their top copper pick with a price target of C$44.00.

Key Takeaways

• 1.First Quantum has massive growth potential, with capacity to increase copper production by 260% by 2035-2040 to c.1.6Mtpa.
• 2.The eventual re-start of the Cobre Panama mine is considered a major catalyst for the stock.
• 3.La Granja in Peru has been identified as one of the top two open-pit copper projects globally by resources.

Table of Contents

• La Granja Technical Report Update
• Valuation and Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Ratings, coverage universe and related definitions
• Global product; distributing entities

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