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First Quantum board approves five-for-one stock split

Heavy machinery is seen at Frontier copper mine in Fungurume, southern Democratic Republic of Congo May 25, 2010, before it was shutdown.

© Katrina Manson / Reuters/Katrina Manson/Reuters

First Quantum Minerals Ltd. announced Friday that its board has approved a five-for-one stock split effective Aug. 11, subject to shareholder approval.

The Vancouver-based miner's shares have soared over the past year from $52 to a high of $148.

On Friday, shares gained $3.70 or 3.2 per cent at $119.07 in morning trading on the Toronto Stock Exchange.

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A shareholder vote is planned for July 29. It is also subject to regulatory approvals, including that of the Toronto Stock Exchange.

Each shareholder would receive four additional common shares for each common share held on the stock split record date. The shares would start trading on a subdivided basis beginning Aug. 9.

First Quantum reported in May that its first-quarter profits increased 37.5 per cent to $206.7-million (U.S.), helped by higher copper prices and lower production costs.

The company posted the increase despite the forced shutdown at its Frontier mine in the Democratic Republic of Congo in August last year.

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