First Quantum: Not in a Hurry to Sell Zambia Copper Mine Stake

According to Webstock Inc., citing foreign media on February 12, First Quantum Minerals' Chief Financial Officer Ryan MacWilliam said on Wednesday, following the company's Q4 earnings release, that the company would not rush into an agreement to sell a minority stake in its Zambian copper mine.

He stated that the company aims to find a long-term partner for its Zambian mines and that there is no "specific timetable" for selling the copper mine stake.

Ryan MacWilliam said, "We have always believed that any arrangement we make in Zambia will last for 25 years. This is really about getting the right deal, not a quick deal."

In October 2024, it was reported that Saudi mining company Manara was in advanced talks to acquire a 15%-20% stake in First Quantum's Zambian assets.

First Quantum stated that it needs to secure funding for the capacity expansion of its Kansanshi copper mine project located in north-west Zambia.

Ryan MacWilliam said that First Quantum hopes to reach an agreement that benefits both its investors and the Zambian government, which holds a 20% stake in the copper project assets.