FQM Seeks Minority Stake Sale in Zambian Copper Operations
First Quantum Minerals Limited is currently attracting interest from various parties interested in acquiring a minority stake in its Zambian copper operations, as the Canadian mining company endeavors to strengthen its balance sheet.
Discussions regarding the sale of a minority stake in the Zambian business are underway, as the company faces pressure to bolster its financial position and generate cash following the closure of its flagship copper mine in Panama.
This information was reported by Bloomberg News.
Robert Harding, Chairman of First Quantum, indicated that the company is specifically seeking a partner who would show interest in the Zambian asset while also being open to collaborating on future projects.
Harding mentioned that the firm is particularly interested in finding a party willing to explore and develop greenfield mining projects globally.
First Quantum’s Zambian copper assets include the Sentinel and Kansanshi mines. Last year, FQM’s operations in Zambia contributed approximately half of the company’s copper output and revenue, generating over $450 million in operating profit.
In addition to its copper operations, First Quantum is also ramping up a nickel mine in Zambia, which commenced production in July 2023.
