First Quantum Minerals is currently in discussions with potential partners regarding its Zambian assets.
The Canadian miner confirmed these talks on Wednesday but did not disclose the names of interested firms.
Last week, sources revealed that Saudi Arabia’s Manara Minerals is nearing a deal.
This agreement could involve purchasing a minority stake in First Quantum’s Zambian copper and nickel assets.
First Quantum CEO Tristan Pascall stated, “We’re more open to partnerships, and that includes in Zambia.”
He emphasized that any partnership must serve the interests of Zambia and all stakeholders.
In morning trading, shares of First Quantum rose by 3%, reaching C$18.93.
The potential deal with Manara Minerals could be valued between $1.5 billion and $2 billion.
The rising demand for copper is a significant factor in these negotiations.
The metal is crucial for the clean energy transition, particularly in electric vehicle production and data center operations.
A stake sale in the Zambian mine would help First Quantum address its mounting debt.
This debt has increased since the Panama government ordered the shutdown of its Cobre Panama mine last December.
