First Quantum Minerals Looks for Partner in Copper Operations

Canadian-owned mining company First Quantum Minerals (FQM) is looking to sell a minority stake in its Zambian copper operations. 

The company also owns the Sentinel and Kansanshi mines in the North Western Province, two of the country’s largest and most lucrative mines.

FQM Chairman, Robert Harding, did not disclose the identities of the interested parties or provide a timeline for a potential deal. Earlier this year, FQM were in talks with its second largest stakeholder, Chinese state-owned Jiangxi Copper Corp., to increase its stake. This deal was confirmed today as Jiangxi Copper bought an additional $287.5 million in shares.

Last year, FQM expressed its commitment to its Zambian projects and invested $1 billion into the development of its Kansanshi mine which is expected to provide 1,800 jobs this year when the expansion reaches its peak. Speaking in Toronto today, Harding said the company is looking for a partner that would “also be interested in working with us on a future project.”