Quadra Shares Lose Even More Steam, Hover Just Above $15 At Midday
After hitting a high of $16.17 cents on December 7, a day after announcing it had entered into a definitive agreement with Polish miner KGHM Polska, Quadra FNX Mining Ltd (QUX.TO) shares are now trading at $15.05, a 15 cent drop from yesterday's close.
Polish miner KGHM has made a C$3 billion bid for Quadra FNX, but this offer has been widely described as low-ball.
QUX shares hit a year high of $17.55 on Jan 17.
Quadra FNX controls one of the world's largest undeveloped copper projects and while copper prices have pulled back recently, analysts largely believe a dearth in large-scale copper assets bodes well for the price of the metal.
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