Tristan Pascal, chief operating officer, said on Wednesday that first Quantum Mining had shelved plans to sell its stake in the Zambian copper mine.
China's Jiangxi Copper is speculated as a potential buyer for minority stakes in First Quantum's Kansanshi and Sentinel mines.
Royalties in Zambia rose as copper prices rose., First Quantum said Tuesday that costs rose.
Mr Pascal said there had been "limited progress" in negotiations with the Zambian government to pave the way for expanded processing of the Kansanshi mine ahead of the general election.
Zambian President Edgarengu (Edgar Lungu) faces the toughest challenge yet from businessman and presidential candidate Haqander Hichilema (Hakainde Hichilema) in elections scheduled for August 12.
Pascal said that Zambia's ZCCM-IH completed the acquisition of the Mopani copper mine in March, giving the state a better understanding of mine operations.
Given the current tax rate, we don't think there is any significant risk there, it said.
First Quantum reported that total copper production in the second quarter of 2021 was 199689 tonnes, an increase of 18 per cent over the second quarter of 2020, as Cobre Panama production was close to a record 81686 tonnes, 276 per cent higher than in the same period in 2020.
Total gold production in the quarter was 81375 ounces, an increase of 49 percent over the same period in 2020, due to Cobre Panama's record production of 36290 ounces and Kansanshi's continued delivery of 32942 ounces.
Ravensthorpe produced 4543 tons of nickel in the second quarter. The company announced in May that it had reached a binding agreement to sell a 30 per cent stake in Ravensthorpe to POSCO,POSCO, one of the world's leading integrated producers of electric vehicle materials, for $240 million.
