FQM in partnership talks for Zambian assets

First Quantum Minerals (FQM) has confirmed it is engaging in discussions with potential partners regarding its Zambian operations, though the Canadian mining giant declined to name specific companies involved in the talks.

The announcement follows recent reports that Saudi Arabia's Manara Minerals is close to securing a minority stake in FQM’s Zambian copper and nickel assets, in a deal potentially worth $1.5-2 billion.

"We're more open to partnerships, and that includes in Zambia, but only if it's in the interest of our Zambian business, the Zambian government and all the stakeholders involved," CEO Tristan Pascall told analysts during a conference call.

The potential partnership comes at a critical time for copper markets, as demand for the metal surges due to its essential role in the green energy transition, particularly in electric vehicle manufacturing and powering AI data centres.

The market responded positively to the partnership discussions, with FQM’s shares rising 3% to C$18.93 in morning trading.