First Quantum Minerals is in no hurry to sell a minority stake in its Zambian copper mines, as the company prioritizes long-term value over speed, CFO Ryan MacWilliam told analysts after its Q4 earnings report.
The Toronto-based miner is seeking a strategic partner for its Zambian assets but has not set a fixed timeline for the sale.
“We have been consistent throughout that any arrangements we enter into in Zambia will be for the next 25 years,” MacWilliam stated. “It’s really about getting the right agreement rather than a quick agreement.”
Reports suggest that Saudi Arabian mining firm Manara is in advanced talks to acquire a 15%–20% stake in First Quantum’s Zambian operations.
The company has highlighted the need for additional funding to expand production at its Kansanshi mine, a key asset in northwestern Zambia.
Following the closure of its flagship Cobre Panama mine, First Quantum’s Zambian copper and nickel operations have become central to its growth strategy.
MacWilliam stressed that any deal must balance the interests of investors and the Zambian government, which holds a 20% stake in the assets.
