FQM Expands Central Africa Copperbelt Licences
Canada-based First Quantum Minerals (FQM) has exercised its option to acquire the remaining two licences in the Central Africa Copperbelt from an agreement with London-listed African Pioneer’s 80%-owned subsidiary, African Pioneer Zambia.
The option agreement, initially announced on January 22, saw FQM sign an addendum on February 15 confirming its decision to exercise the option over the two licences, which had not been previously exercised. These licences are identified as exploration licences 27770-HQ-LEL and 27768-HQ-LEL.
In addition, FQM had already exercised its option over licences 27767-HQ-LEL and 27771-HQ-LEL, as announced on October 26, 2023.
As part of the agreement, the first earn-in period, wherein FQM must prepare a technical report demonstrating an indicated mineral resource of at least 300,000 tonnes of contained copper to earn a 51% shareholding in African Pioneer Zambia, has been extended to February 28, 2026.
During the initial period of the option agreement, FQM conducted comprehensive exploration work, including mapping, soil sampling, ground geophysics, air core drilling, and diamond drilling, exceeding the minimum qualifying expenditure of $500,000 on each of the four exercised licences. However, FQM has not yet earned a shareholding in African Pioneer Zambia.
Colin Bird, executive chairperson of African Pioneer, expressed optimism about the successful collaboration with FQM, highlighting the establishment of the Western Foreland and Kamoa-style mineralizing environment, as well as near-surface mineralization in the fold-and-thrust domain on some of their licences.
The extension of FQM’s involvement in the exploration underscores the promising future prospects and the commitment to advancing the understanding of the region’s mineral potential.
