Canada's First Quantum still away from restarting Cobre Panama mine, analysts say

Analysts at TD Cowen see copper miner First Quantum's FM.TO sale of copper concentrate from its shuttered mine in Panama to bring in $250 mln in net proceeds to help cover ongoing holding costs

Panama authorized the sale of copper concentrate at the company's Cobre Panama mine, President Jose Raul Mulino said on Thursday

TD Cowen says the government might look to change Cobre Panama project's economics including higher taxes along with royalties including a potential equity interest at the project

Analysts at Scotiabank "anticipate a long road ahead with respect to negotiating a long-term restart of the operation at reasonable terms"; they say its base case estimates assume the company relinquishing a 20% ownership stake with no change in fiscal terms

"Estimate that a successful restart of Cobre Panama could drive a potential FM share price re-rating in the range of C$28-$33" - Scotiabank analysts

Company's shares rose 15.6% to hit highest since January 10 in previous session at C$20.56, ending slightly lower at C$20.34

Up to last close, FM.TO had risen 9.8% YTD