First Quantum Takes Cautious Approach to Selling Zambian Mine Stake
First Quantum Minerals is in no rush to sell a minority stake in its Zambian copper mines, CFO Ryan MacWilliam told analysts following the company’s fourth-quarter results. The Toronto-based miner aims to secure a long-term partner but has set no fixed timeline for the sale.
“We have been consistent throughout that any arrangements we enter into in Zambia will be for the next 25 years,” MacWilliam stated. “It’s really about getting the right agreement rather than a quick agreement.”
Saudi Arabian mining firm Manara is reportedly in advanced discussions to acquire a 15%–20% stake in First Quantum’s Zambian assets, according to sources.
First Quantum has indicated that additional funding is needed to expand production at its Kansanshi mine in northwestern Zambia.
With the closure of its flagship Cobre Panama mine, First Quantum’s Zambian copper and nickel operations have become central to the company’s growth strategy.
MacWilliam emphasized that any potential deal must align with the interests of both investors and the Zambian government, which holds a 20% stake in the assets.
