First Quantum Signs Agreement with Zambia's Mimosa Resources for Copper Production Project

On Monday, Zambian mining company Mimosa Resources signed an agreement with Canadian First Quantum Minerals (FM.TO) to accelerate Zambia’s copper production project. First Quantum are already a major miner in Africa’s second biggest producer of copper.

Zambia has ambitious plans laid out to triple its copper output, having reviewed its tax policy to facilitate the increase of mining exploration and output.

First Quantum’s agreement with Mimosa Resources aims for mining at the Fishtie copper project to start from 2026 in Zambia’s central province, near the Democratic Republic of Congo.

The companies together envisage that the production of copper will thereon ramp up to a maximum production of 30,000 metric tons per year by the end of the decade, which they declared in a joint statement.

First Quantum further emphasised that it thought the investment climate in Zambia had improved, whilst Mimosa Resources is expected to lead the raising of a total investment of $200 million for the project.