First Quantum Minerals Ltd.

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  • uploads///part
    Basic Materials

    Freeport-McMoRan: All’s Well that Ends Well

    Freeport-McMoRan (FCX), the leading US copper miner, closed at $18.1 on December 22. Based on that day’s closing prices, Freeport has gained 30.0% in December.

    By Mohit Oberoi, CFA
  • Financials

    Overview: The thin line between frontier and emerging markets

    Going to frontier markets offers more of an opportunity to discover the most overlooked companies.

    By Surbhi Jain
  • Financials

    Why has volatility picked up in frontier markets?

    While these exotic markets are not for everyone, more aggressive investors should consider having a small strategic allocation to the frontier.

    By Russ Koesterich, CFA
  • Financials

    Why frontier markets are good diversifiers for your portfolio

    Diversification: Finally, companies in frontier markets tend to just focus on demand in their local countries and thus are less tied to the global economy than emerging markets like China and Brazil. As my colleagues Del Stafford and Daniel Morillo pointed out last fall in blog posts, this means frontier markets have exhibited a low […]

    By Russ Koesterich, CFA
  • uploads///part  fcx
    Basic Materials

    Is Wall Street Playing It Safe with Freeport-McMoRan?

    Freeport-McMoRan (FCX) has received a “buy” or higher rating from nine analysts, while three analysts rated it as a “sell.”

    By Mohit Oberoi, CFA
  • Financials

    Must-know: Why frontier markets are not created equal

    When considering an investment in frontier markets (FM), it’s important to note that all exposures are not created equal. The fact that these markets are hard to access can be reflected in the type of securities that some frontier market indexes include.

    By Del Stafford
  • uploads///part  net debt
    Basic Materials

    Miners’ Debt Continues to Fall amid Strong Commodity Prices

    In this part of our series, we’ll see how mining companies’ net debt progressed last year. You can define net debt as total debt minus cash and cash equivalents.

    By Mohit Oberoi, CFA
  • uploads///part  ebitda
    Basic Materials

    Miners Post Record Earnings as Commodities Rebound

    In this part of our series, we’ll do a comparative analysis of mining companies’ adjusted EBITDA.

    By Mohit Oberoi, CFA
  • uploads///part  cash flows
    Earnings Report

    What Freeport-McMoRan’s Strong Cash Flows Mean for Investors

    In this part of our series, we’ll look at copper miners’ first-quarter free cash flows and look at the 2018 cash flow guidance.

    By Mohit Oberoi, CFA
  • Financials

    Stellar returns: Why you should consider frontier markets

    While a traditional emerging market benchmark is up 1.5% year-to-date, frontier, or “pre-emerging” markets, have been performing well.

    By Russ Koesterich, CFA
  • uploads///part  fm
    Basic Materials

    Analysts See a 70% Upside in First Quantum Minerals

    First Quantum Minerals (FM) has received “strong buy” ratings from eight analysts, while nine have given it “buy” ratings or some equivalent.

    By Mohit Oberoi, CFA
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    Macroeconomic Analysis

    Consumption-Driven Emerging Markets Appear Attractive

    Not all emerging markets (EEM) seem investment-worthy. Only some consumption-driven emerging markets appear attractive.

    By Russ Koesterich, CFA
  • uploads///part  rating
    Basic Materials

    Glencore or Freeport: Which Has More Upside Potential?

    Glencore (GLEN-L) has the highest percentage of “buy” or higher recommendations in our select group of mining stocks.

    By Mohit Oberoi, CFA
  • uploads///part  analysts
    Basic Materials

    How Wall Street Sees Freeport-McMoRan this Earnings Season

    In this final article of our series, we’ll see how analysts are rating Freeport ahead of its 1Q18 earnings release.

    By Mohit Oberoi, CFA
  • Financials

    4 must-know reasons why you should invest in frontier markets

    So-called frontier markets (FM) – those markets that are still at a very early stage of development — have been among the best performers in 2014, outperforming global markets (ACWI) year to date.

    By Russ Koesterich, CFA
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    Basic Materials

    Freeport-McMoRan’s 1Q18 Earnings: The Word on Wall Street

    Freeport-McMoRan, the leading US copper miner, is slated to release its 1Q18 earnings on April 24.

    By Mohit Oberoi, CFA
  • uploads///Argentinas GDP Growth Expands in Q
    Macroeconomic Analysis

    Did Macri’s Efforts Boost Argentina’s Growth in 1Q17?

    Argentina’s economy expanded in 1Q17 after consecutive contractions over the last three quarters.

    By Mary Sadler
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    Basic Materials

    Freeport-McMoRan’s Divergence from Copper Prices: What’s Next?

    In 2017, Freeport-McMoRan underperformed copper miners Southern Copper (SCCO) and First Quantum Minerals (FM) for most of the year on Grasberg concerns.

    By Mohit Oberoi, CFA
  • uploads///MSCI
    Financials

    Why you should consider this change in Qatar and UAE’s status

    Qatar’s and UAE’s equity markets have increased roughly 47% and 188%, respectively, since the beginning of 2013. As a result of their previous classification as frontier markets, the broad MSCI Frontier Markets 100 Index has risen roughly 32%.

    By Russ Koesterich, CFA
  • uploads///Argentinas Trade Balance Narrows in May
    Macroeconomic Analysis

    Surge in Imports Increases Argentina’s Trade Deficit in May 2017

    Argentina (ARGT) posted a higher trade deficit for May 2017 at $642 million, mainly due to increasing imports as compared to its exports.

    By Mary Sadler
  • uploads///part  copper
    Basic Materials

    China’s Copper Imports: What to Expect in 2018

    In December, China imported 440,000 metric tons of unwrought copper and copper products. Imports fell on a YoY (year-over-year) and a monthly basis.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    What Are Freeport-McMoRan’s Long-Term Growth Drivers?

    Freeport has several greenfield copper exploration opportunities.

    By Mohit Oberoi, CFA
  • Financials

    Must-read: Why widen your scope through frontier markets?

    Given that frontier markets are smaller and hard to access, what’s the draw for an investor? There are a few potential portfolio benefits to be aware of.

    By Del Stafford
  • uploads///part  cash
    Basic Materials

    Miners Look at Avenues to Deploy Cash amid Strong Metal Prices

    Freeport-McMoRan (FCX) generated free cash flows of $875 million in 3Q17, taking its free cash flows in the first nine months of 2017 to almost $2.0 billion.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Copper Miners: What to Expect in December

    With copper prices trading sideways this month, copper miners also had a dull month. Freeport-McMoRan (FCX) fell 0.42% in November.

    By Mohit Oberoi, CFA
  • Financials

    Must-know: Risks of investing in the frontier

    You need to exercise caution while investing in frontier markets due to problems of liquidity and high concentration in the finance sector.

    By Russ Koesterich, CFA
  • uploads///part  revenues
    Basic Materials

    Inside Freeport-McMoRan’s 4Q17 Revenue Beat

    Freeport-McMoRan (FCX) posted revenues of $5.0 billion in 4Q17. The company posted revenues of $4.3 billion in 3Q17 and $4.4 billion in 4Q16.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    What’s Been Ailing Copper This Year?

    Copper tends to underperform in periods of uncertainty and rising geopolitical risk—something we’re witnessing now.

    By Mohit Oberoi, CFA
  • Financials

    Thinking of investing in frontier markets? Consider this

    Though a growing number of funds are providing access to frontier markets, it’s important to remember that frontier countries generally have less established equity markets.

    By Russ Koesterich, CFA
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    Basic Materials

    Has Copper’s Bullish Thesis Been Threatened?

    Among other factors, a wave of labor negotiations has lent support to copper’s bullish thesis.

    By Mohit Oberoi, CFA
  • Financials

    Three reasons why frontier stocks are now a strategic asset class

    Many investors are approaching frontier stocks too narrowly, viewing them as a subset of their emerging markets’ (EMB) allocation and selling off part of their emerging market equities’ exposure to gain access to the frontier.

    By Russ Koesterich, CFA
  • Financials

    Why you should consider adding frontier markets to your portfolio

    In 2015, some of the smaller emerging, and even frontier markets have the potential to do well because that is where we have seen some of the best valuations and growth.

    By Russ Koesterich, CFA
  • Financials

    Overview: The must-know characteristics of frontier markets

    Looking for the next frontier in emerging market investing? Del Stafford dives into these underdeveloped countries to assess the investment case.

    By Del Stafford
  • Financials

    Must-know: Comparing frontier market and emerging market returns

    Frontier markets haven’t performed in lock step with the more developed emerging world. Over the past year, frontier markets, as measured by the MSCI Frontier Markets Index, have delivered a stellar return of 21%.

    By Russ Koesterich, CFA
  • uploads///argentina inflation rate
    Financials

    Is Argentina Back in the Game, or Are Dark Clouds Here to Stay?

    For more than a decade, the outgoing party’s continual resistance to honoring debt led to Argentina’s exclusion from international financial markets.

    By Surbhi Jain
  • Tech & Comm Services

    Why you should invest in the frontier markets

    Frontier equity markets typically have modest market capitalization, limited investability and liquidity, and few market information sources.

    By Surbhi Jain
  • Energy & Utilities

    Must-know: Frontier and emerging markets investment pros and cons

    Emerging markets are quickly becoming the driver of global growth.

    By Surbhi Jain
  • uploads///part  fm
    Basic Materials

    First Quantum Minerals: Analysts See More Returns

    First Quantum Minerals (FM) has risen 44% this year based on its closing prices on February 26.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts See Copper Miners as Prices Stabilize

    The metals and mining space has seen a lot of turbulence over the last five years. In 2015, China’s slowdown concerns spooked commodity investors.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Freeport-McMoRan Is Surging Today

    Freeport-McMoRan (FCX), the leading US-based copper miner, is trading with gains of 5.5% as of 11:55 AM EST.

    By Mohit Oberoi, CFA
  • uploads///part  analyst
    Basic Materials

    Could Freeport-McMoRan’s Rally Lose Steam?

    As of January 18, Freeport-McMoRan (FCX) stock had risen 21.8% this year.

    By Mohit Oberoi, CFA
  • uploads///copper _
    Basic Materials

    Is Freeport-McMoRan Finally Catching Up with Copper?

    We’re now into the fourth-quarter earnings season, and Freeport-McMoRan (FCX) is scheduled to release its earnings on January 24.

    By Mohit Oberoi, CFA
  • uploads///part  costs
    Basic Materials

    Lower Energy Prices: Boon or Bane for Copper Miners?

    Lower energy prices Previously, we discussed copper miners’ production profiles and 2018 guidance. In this part, we’ll look at leading copper producers’ unit cash costs and see what’s impacted their unit cost progression. Comparative analysis Freeport-McMoRan (FCX) reported unit cash costs after by-product credit of $0.93 per pound in the third quarter—compared to $0.96 per […]

    By Mohit Oberoi, CFA
  • uploads///dices over newspaper profit
    Basic Materials

    How Are Copper Miners Placed in Q4 2018?

    Copper prices have been largely rangebound during the past month. Copper prices have hovered above $6,000 per metric ton.

    By Mohit Oberoi, CFA
  • uploads///part  anto
    Basic Materials

    Analysts Weigh in on Antofagasta amid Lower Copper Prices

    Antofagasta (ANTO) has received “strong buy” ratings from seven analysts, while five have given it “buy” ratings or some equivalent.

    By Mohit Oberoi, CFA
  • uploads///copper _
    Basic Materials

    How Copper Miners Stacked Up in the First Half

    The second-quarter earnings season is over, and most copper miners have released their quarterly financial performance results.

    By Mohit Oberoi, CFA
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    Basic Materials

    What Steroids? Freeport-McMoRan Seems to Be on a Ventilator

    Freeport-McMoRan (FCX) is seeing a selling spree today, and its stock is trading down 7.0% as of 1:40 PM EDT on July 19.

    By Mohit Oberoi, CFA
  • uploads///part  fcx
    Basic Materials

    Will Analysts Warm to Freeport after Its Grasberg Resolution?

    Wall Street analysts seem to be sitting on the sidelines as Freeport negotiates its long-term mining rights in Indonesia.

    By Mohit Oberoi, CFA
  • uploads///part  scco
    Basic Materials

    Southern Copper Stock Lost Favor with Analysts

    Southern Copper carries a mean consensus target price of $46.8, which represents a potential downside of 8.5% over its closing price on June 11.

    By Mohit Oberoi, CFA
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    Earnings Report

    Why Freeport-McMoRan Expects Costs to Rise This Year

    Previously in this series, we looked at copper miners’ first-quarter production and 2018 guidance. In this article, we’ll look at their unit production costs.

    By Mohit Oberoi, CFA
  • uploads///copper _
    Basic Materials

    How Analysts View Copper Miners amid Sagging Commodity Prices

    In this series, we’ll see how analysts are rating copper miners amid sagging commodity prices.

    By Mohit Oberoi, CFA
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    Basic Materials

    Should Southern Copper Investors Expect Higher Dividends?

    In the previous part of this series, we looked at Freeport-McMoRan’s (FCX) capital allocation strategy.

    By Mohit Oberoi, CFA
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    Basic Materials

    Comparing Freeport’s Interest Coverage Ratio to Southern Copper

    In this part of our series, we’ll look at different copper miners’ interest coverage ratios.

    By Mohit Oberoi, CFA
  • uploads///part   cash cost guidance
    Basic Materials

    Why Freeport Expects Its Unit Cash Costs to Fall Further in 2018

    In the previous part of this series, we looked at leading copper miners’ 4Q17 unit cash costs.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Miners Face Cost Pressure as Input Costs Rise

    Previously in this series, we looked at copper miners’ 4Q17 production profiles and 2018 guidance.

    By Mohit Oberoi, CFA
  • uploads///part  q production
    Basic Materials

    Freeport-McMoRan’s 4Q17 Production Profile versus Other Miners’

    In this article, we’ll look at leading copper miners’ 4Q17 production data.

    By Mohit Oberoi, CFA
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    Basic Materials

    Comparing Copper Miners’ 4Q17 Performance

    We’re now nearing the end of 4Q17 earnings season, and most copper miners have released their results.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts Rate Southern Copper after 4Q17 Earnings

    Southern Copper (SCCO) has received a “buy” rating from only one analyst, while six analysts rate the stock as a “hold” or some equivalent.

    By Mohit Oberoi, CFA
  • uploads///part  revenues
    Basic Materials

    Are Analysts’ Estimates for Freeport’s Revenues Conservative?

    Analysts polled by Thomson Reuters expect Freeport to post revenues of $4.7 billion in 4Q17, which is 9.5% higher than the sequential quarter.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Why Last Week Was Such a Happening One for Freeport-McMoRan

    Freeport-McMoRan, which has underperformed the broader copper mining space in 2017, rose 13.4% last week. Thanks to last week’s upward price action, it’s now risen 28.7% in 2017.

    By Mohit Oberoi, CFA
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    Basic Materials

    China’s November Copper Imports Provide Some Relief to Bulls

    China’s copper imports data are closely followed by investors in companies such as Freeport-McMoRan (FCX), Glencore (GLEN-L), and Southern Copper (SCCO).

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Why Copper Has Fallen from Its 2017 Highs

    Copper prices have come off their 2017 highs. Copper, which closed almost flat last month, has lost 3.3% in December.

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Which Copper Miner Is Wall Street Betting On in 2018?

    In this series, we’ll see how analysts are rating leading copper miners as 2017 draws to a close. We’ll also see how vehicle electrification could impact mining companies.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Copper Market Deficit: What You Need to Know

    Global mined copper production fell 2.2% YoY in the first eight months of the year. The decline was mainly led by a 5% fall in Chilean copper production.

    By Mohit Oberoi, CFA
  • uploads///part  ebitda
    Basic Materials

    Is Freeport-McMoRan or Southern Copper More Profitable?

    Freeport-McMoRan (FCX) posted adjusted EBITDA of $1.6 billion in 3Q17.

    By Mohit Oberoi, CFA
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    Basic Materials

    Doctor Copper Moved to a New Floor Last Week

    Last week copper prices broke free of yet another psychological price level.

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Copper’s on a High: Why Investors Are Optimistic

    Copper prices have regained momentum in October after showing weakness in the last month. So far, copper has risen 4.9% in October.

    By Mohit Oberoi, CFA
  • uploads///part  glen
    Basic Materials

    Which Major Copper Stock Has the Most ‘Buy’ Recommendations?

    Glencore (GLEN-L) was the third-largest copper producer last year, after Codelco and Freeport-McMoRan (FCX).

    By Mohit Oberoi, CFA
  • uploads///Argentinas Trade Balance Narrows in May
    Macroeconomic Analysis

    Why Consumer Confidence in Argentina Is Falling in 2017

    Argentina’s (FM) consumer confidence saw a huge drop in June 2017, as Argentinians are highly unsatisfied with the austerity measures President Macri’s government has adopted.

    By Mary Sadler
  • uploads///Argentina Continues to Outperfrom Most Emerging Markets in
    Macroeconomic Analysis

    Is Argentina Outperforming Emerging Markets in June 2017?

    The Merval Index, Argentina’s benchmark index, has risen about 10.5% so far in 2017 as of June 23.

    By Mary Sadler
  • uploads///Soaring Inflation in Argentina in
    Macroeconomic Analysis

    Why Argentina’s Inflation Continues to Surge in 2017

    Argentina’s inflation has been surging for a couple of years, spiking to around 40.0% in 2016 compared to 10.0% between 2007 and 2009.

    By Mary Sadler
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