FQM plans to sell minority shares in its Zambian copper operations

First Quantum Minerals Limited  has attracted interest from multiple parties wanting to buy a minority stake in its Zambian copper operations, as the Canadian miner continues efforts to shore up its balance sheet.

Talks to sell a minority stake in the Zambian business are underway as the company faces pressure to strengthen its balance sheet and raise cash following the closure of its flagship copper mine in Panama.

This is according to Bloomberg News.

First Quantum Chairman Robert Harding said the company is specifically looking for a partner that could take interest in that asset, but also be interested in working on a future project.

Mr Harding said the firm is looking for a party that is interested in exploring and developing greenfield mining projects globally.

First Quantum’s Zambian copper assets are the Sentinel and Kansanshi mines.

FQM ‘s Zambia operation accounted for about half of the company’s copper output and revenue last year, and delivered more than 450 million dollars in operating profit.

First Quantum is also ramping up a nickel mine in the country, which entered production in July,2023.

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