FQM Shifts Focus to Accelerate Zambian Project Amid Panama Setback

In a groundbreaking partnership, First Quantum Minerals and Zambia’s Mimosa Resources are poised to expedite the joint development of the Fishtie copper project in Zambia’s Central Province, near the border with the Democratic Republic of Congo.

Having delved into exploration since 2012, the companies envision Fishtie commencing production in 2026 and targeting an annual copper output of 30,000 tonnes by the decade’s end.

Mimosa Resources currently holds a 37.5% interest in Kashime Copper Ltd, the entity overseeing the Fishtie project. Through a strategic deal with First Quantum, Mimosa’s ownership is set to rise to 75%.

This elevation is contingent upon the successful completion of a feasibility study and the procurement of essential funds to drive the project toward technical fruition.

To ensure timely progress, the development stages are diligently time-bound, guaranteeing an efficient transition to operational phases.

First Quantum is committed not only to funding the Fishtie venture but also to spearheading exploration efforts beyond the immediate project scope.

Meanwhile, Mimosa Resources is geared to secure a total investment of $200 million, leading the charge for the project’s advancement.

This agreement aligns with the backdrop of challenges faced by First Quantum, including discussions about the potential closure of its significant copper mine in Panama.

This Panamanian operation represents a notable segment, contributing approximately 1.5% to global copper production, 5% to Panama’s GDP, and a substantial 75% to the nation’s goods export.

In Zambia, recent changes in tax policies showcase the nation’s dedication to tripling its copper production by the end of the decade, creating a more favorable climate for investments.

Vision for Zambia’s Mining Development

First Quantum Minerals’ country manager, Godwim Beene, highlighted the pivotal timing of resource development, capitalizing on Zambia’s improved investment climate.

And Mimosa Resources’ Executive Chairman, Jordan Soko, emphasized the importance of empowering Zambians in the nation’s mining trajectory, foreseeing this collaboration not just as a leap forward for the Fishtie project but as a milestone for Zambia’s broader mining landscape.

First Quantum’s extensive presence in Zambia includes the Kansanshi mine and smelter in Solwezi and the Sentinel mine in Kalumbila, further cementing its stature in Africa’s second-largest copper-producing nation.