First Quantum Minerals (TSX:FM) Construction In Progress: C$1,818 Mil (As of Mar. 2026)


TSX:FM First Quantum Minerals Ltd TSX:FM
75 GF Score
Price C$37.30
GF Value C$22.23
Valuation Significantly Overvalued
! 3 Warning Signs
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What is First Quantum Minerals Construction In Progress?

First Quantum Minerals TSX:FM -0.37% 75 Construction In Progress is C$1,818 Mil as of Mar. 2026. GuruFocus rates TSX:FM with a GF Score™ of 75/100 and a GF Value™ of C$22.23 (Significantly Overvalued). The stock has 3 warning signs investors should review.

First Quantum Minerals's quarterly construction in progress declined from Sep. 2025 (C$3,540 Mil) to Dec. 2025 (C$1,687 Mil) but then increased from Dec. 2025 (C$1,687 Mil) to Mar. 2026 (C$1,818 Mil).

First Quantum Minerals's annual construction in progress increased from Dec. 2023 (C$1,965 Mil) to Dec. 2024 (C$2,667 Mil) but then declined from Dec. 2024 (C$2,667 Mil) to Dec. 2025 (C$1,687 Mil).

First Quantum Minerals Construction In Progress Historical Data

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The historical data trend for First Quantum Minerals's Construction In Progress can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Quantum Minerals Construction In Progress Chart

First Quantum Minerals Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Construction In Progress
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,511.68 1,842.13 1,965.44 2,667.04 1,687.13

First Quantum Minerals Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Construction In Progress Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,964.51 3,184.64 3,540.12 1,687.13 1,817.90
TSX:FM
75GF Score
First Quantum Minerals Ltd TSX:FM
Construction In Progress is just one metric. See GF Score™, valuation, warning signs, and more.
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First Quantum Minerals Construction In Progress Calculation

It records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A construction in progress item is not depreciated until the asset is placed in service. Normally, upon completion, a construction in progress item is reclassified, and the reclassified asset is capitalized and depreciated.

What does a Construction In Progress of C$1,818 Mil mean?
First Quantum Minerals (TSX:FM) has a Construction In Progress of C$1,818 Mil as of Mar. 2026. Construction in Progress records the amount of construction work that is not complete. View historical data on First Quantum Minerals and its competitors.
Is First Quantum Minerals' Construction In Progress too high?
First Quantum Minerals' current Construction In Progress is C$1,818 Mil. Overall, First Quantum Minerals has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Quantum Minerals' Construction In Progress compare to SCCO and FCX?
First Quantum Minerals' Construction In Progress of C$1,818 Mil can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Construction In Progress for a Metals & Mining company?
A good Construction In Progress depends on the Metals & Mining industry context. However, Construction In Progress should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Construction In Progress mean?
A high Construction In Progress can signal that a stock is expensive relative to its fundamentals. Construction in Progress records the amount of construction work that is not complete. View historical data on First Quantum Minerals and its competitors. First Quantum Minerals's current Construction In Progress is C$1,818 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Quantum Minerals stock overvalued right now?
Based on GuruFocus' analysis, First Quantum Minerals (TSX:FM) is currently considered Significantly Overvalued. The stock's GF Value™ is C$22.23, compared to a current price of C$37.30 — trading 67.8% above its estimated fair value. The current Construction In Progress is C$1,818 Mil. First Quantum Minerals' overall GF Score™ is 75/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Construction In Progress calculated?
Construction In Progress is calculated from a company's financial statements. For First Quantum Minerals (TSX:FM), the current Construction In Progress is C$1,818 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Quantum Minerals (TSX:FM) Overvalued in 2026?

Based on GuruFocus' analysis, First Quantum Minerals stock appears to be overvalued. The current stock price of C$37.30 is trading 67.8% above its estimated GF Value™ of C$22.23. GuruFocus considers First Quantum Minerals to be Significantly Overvalued.

Key valuation signals for TSX:FM:

  • Construction In Progress: C$1,818 Mil
  • GF Value™: C$22.23 vs. price of C$37.30 (67.8% above fair value)
  • GF Score™: 75/100 with 3 warning signs

No single metric tells the full story. See the TSX:FM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Quantum Minerals Business Description

Other Exchanges FQVLF:USAIZ1:Germany
Address 330 Bay Street, Suite 1101, Toronto, ON, CAN, M5H 2S8
First Quantum Minerals Ltd is a diversified mining company. The company's principal activities include mineral exploration, mine engineering and construction, and development and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. It has operating mines located in Zambia, Panama, Turkey, Spain, Australia, and Mauritania. The company's reportable operating segments are Cobre Panama, Kansanshi, and Trident.
75GF Score

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Construction In Progress is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$37.30
Price
C$22.23
GF Value