‘Right, not quick agreement,’ First Quantum says it’s taking cautious steps in minority stake sale

First Quantum Minerals (FQM) has indicated it will not rush into a deal to sell a minority stake in its Zambian copper mines, prioritising a long-term strategic partnership.

Speaking after the miner’s fourth-quarter results, Chief Financial Officer Ryan MacWilliam told analysts—according to Mining Weekly—that the Toronto-based company has no “specific timelines” for the sale.

“We have been consistent throughout that any arrangements we enter into in Zambia will be for the next 25 years,” MacWilliam said. “It’s really about getting the right agreement rather than a quick agreement.”

Read more:Mitsui & Co reportedly tops bid for stake in FQM’s Zambian copper mines

Saudi Arabian mining company Manara is reportedly in advanced talks to acquire a 15–20 percent stake in First Quantum’s Zambian assets, according to a Reuters report from last October.

First Quantum has said it needs the funds to finance production expansion at its Kansanshi operation in northwestern Zambia.

Following the closure of its flagship Cobre Panama mine, the Canadian miner’s Zambian copper and nickel assets have become central to its growth strategy.

The company also seeks a deal that benefits both its investors and the Zambian government, which holds a 20 percent stake in its local assets.

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