Is First Quantum Minerals / FM Halal?
First Quantum Minerals Ltd. (TSX: FM) is a Vancouver-based copper miner with operations in Zambia, Mauritania, Türkiye, and elsewhere — one of the world's largest copper producers. Mining clears gate one, and ~23% debt-to-market-cap with ~1.6% finance income clears gate two.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASS
First Quantum mines copper, gold, and nickel — its Kansanshi mine in Zambia is one of Africa's largest copper operations. Mining and metals production are permissible business activities under AAOIFI-style screens, consistent with this site's Teck Resources screener. Gate one: PASS.
Gate two: the ratios — PASS
Debt-to-market-cap: ~23% (ceiling ~33%) — PASS. First Quantum reports in U.S. dollars: current debt of US$383 million and noncurrent debt of US$5,795 million at June 30, 2026 — gross debt of US$6.178 billion, or about C$8.76 billion at the September 28, 2026 USD/CAD rate of 1.4177. Against a market cap of roughly C$37.46 billion, the ratio is about 23%.
Non-compliant income: ~1.6% (ceiling ~5%) — PASS. Revenue comes entirely from copper, gold, and nickel sales — Q2 2026 sales revenues were US$1,522 million. Finance income of US$24 million is about 1.6% of revenue, under the ~5% screen, and finance costs of US$197 million are an expense. Gate two: PASS.
What other screeners say
No verified current third-party rating was found for First Quantum Minerals on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives First Quantum Minerals Ltd. (TSX: FM) a PASS. Q2 2026 (reported July 28, 2026) delivered sales revenues of US$1,522 million (+24% year over year), EBITDA of US$400 million, and net earnings of US$136 million (US$0.16 per share), with operating cash flow of US$130 million. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
The purification angle: First Quantum's non-compliant income is effectively zero, so dividend purification math is negligible — but if you want to run the numbers on any dividend, the purification calculator is here.
Frequently asked questions
Is First Quantum Minerals stock halal?
This screener gives First Quantum Minerals Ltd. (TSX: FM) a PASS. Copper mining clears the business-activity screen, and the ratio math clears: about US$6.178 billion of gross debt at June 30, 2026 converts to roughly C$8.76 billion at the September 28, 2026 exchange rate, against a market cap of about C$37.46 billion — roughly 23%, under the ~33% ceiling, with finance income at about 1.6% of revenue, under the ~5% screen.
What are First Quantum Minerals' debt and market-cap figures?
First Quantum reported current debt of US$383 million and noncurrent debt of US$5,795 million at June 30, 2026 — gross debt of US$6.178 billion, or about C$8.76 billion at the September 28, 2026 USD/CAD rate of 1.4177. Against a market cap of roughly C$37.46 billion, the debt-to-market-cap ratio is about 23%, under the ~33% AAOIFI ceiling.
Does First Quantum earn interest income?
First Quantum's Q2 2026 statements report finance income of US$24 million against sales revenues of US$1,522 million — about 1.6%, under the ~5% screen even if counted in full as non-compliant — while finance costs of US$197 million are an expense. Revenue comes from copper, gold, and nickel sales.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for First Quantum Minerals on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change First Quantum's halal screener?
A debt-funded acquisition or a refinancing that adds leverage — First Quantum has been working through its debt stack since redeeming its 2029 senior notes in February 2026. The Cobre Panamá mine situation (care and maintenance since the 2023 government order) also bears watching: any resolution that materially changes the balance sheet would trigger a re-screen. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.