First Quantum: Investment in Prospect is Key to Extending the Lifespan of Zambian Copper Mines

Anthony Mukutuma, country head of First Quantum Minerals, said on Friday that the company's recent investment in Prospect Resources is key to extending the life of the Sentinel mine in Zambia.

The Canada-based company invested a 15% stake in Prospect in April this year, becoming the largest shareholder of the Australian-listed exploration company.

Prospect is exploring the Mumbezhi copper mine project, which is located about 30 kilometers (19 miles) from First Quantum's Sentinel mine. First Quantum has become a key technical partner in the Mumbezhi exploration project.

Mukutuma said that the current life of the Sentinel mine is about 12 years, and First Quantum is studying options to extend its life.

Mukutuma said that preliminary exploration of the Mumbezhi mine has shown positive results, adding that the project is similar to Sentinel in terms of copper grade.

"This could have a significant impact on the mining life of the Sentinel mine."

Prospect said this week that the exploration carried out so far "has positioned Mumbezhi as one of Zambia's leading copper exploration assets."

The Sentinel mine produced 231,000 mt of copper in 2024, accounting for more than half of First Quantum's total annual production of 431,000 mt.

First Quantum recently completed a $1.25 billion expansion project at the Kansanshi copper mine and the Enterprise nickel operation. The expansion will extend the life of Kansanshi to 2046 and increase its production from the current about 170,000 mt to 280,000 mt per year.

Zambia, Africa's second-largest copper producer after the DRC, plans to increase copper production to 3 million mt per year by 2031 to meet the growing demand from global renewable energy plants and EVs. The country produced 821,000 mt of copper in 2024, a 12% increase from the previous year.

Other mines, such as Lumwana of Barrick Gold, Konkola of Vedanta, and Mopani, which was recently acquired by UAE International Resources Holding, are all seeking to increase production.

(Wenhua Comprehensive)