Strategic Investment in Mumbezhi Project Could Secure Long-Term Output for First Quantum
First Quantum Minerals (FQM) is positioning itself to extend the life of its flagship Sentinel copper mine in Zambia through a strategic investment in Prospect Resources, according to Country Director Anthony Mukutuma.
In April 2025, the Canadian mining giant acquired a 15% stake in the Australia-listed Prospect Resources, becoming its largest shareholder and solidifying its influence over one of Zambia’s most promising exploration projects.
The move aligns with FQM’s long-term vision of strengthening its copper footprint in Zambia, particularly through the Mumbezhi Copper Project, located just 30 kilometers from the Sentinel mine in North-Western Province.
“Sentinel has about 12 years of mine life left. We’re focused on extending that horizon—and the Mumbezhi project is central to this strategy,” Mukutuma told Reuters.
FQM is not only a financial backer but also a key technical partner in the ongoing exploration efforts at Mumbezhi. Preliminary results are encouraging, with early drilling indicating geological similarities to Sentinel, including comparable copper grades.
“If the resource continues to prove up as expected, it could significantly enhance Sentinel’s longevity,” Mukutuma added.
Prospect Resources has echoed this sentiment, stating that Mumbezhi is now “strongly positioned among the leading copper exploration assets in Zambia.”
In 2024, Sentinel produced 231,000 metric tons of copper—more than half of FQM’s total annual output of 431,000 tons—underlining its strategic value to the company.
FQM is also advancing other major investments in the country. A recently completed $1.25 billion expansion at Kansanshi mine and the nearby Enterprise nickel project is expected to increase Kansanshi’s copper production from 170,000 to up to 280,000 tons annually, while extending its life to 2046.
Driving Zambia’s Copper Growth
Zambia, Africa’s second-largest copper producer after the DRC, is working to ramp up production to 3 million metric tons annually by 2031. The country recorded 821,000 tons in 2024, a 12% year-on-year increase fueled by rising global demand linked to the energy transition and electric vehicle markets.
Major producers are responding to this growth trajectory. In addition to FQM, Barrick Gold is expanding operations at Lumwana, Vedanta Resources is revitalizing Konkola Copper Mines, and Mopani Copper Mines—now under the ownership of the UAE’s International Resources Holding—are all scaling up output.
FQM’s partnership with Prospect Resources represents a strategic step not only for corporate growth but also for Zambia’s broader ambition to reclaim its position as a global copper powerhouse.
