First Quantum Minerals ( FQVLF ) is exploring the possibility of selling a minority stake in its Zambian copper operations.

Following the recent turmoil in the nickel market, the Vancouver, Canada-based company is consolidating its portfolio and focusing on reopening its key asset in Panama.

First Quantum has signed non-disclosure agreements with several interested parties. Chairman Robert Harding noted that they are yet to expect the due diligence process to start.

"We're busy getting the data room available for people to be able to look at the data, but there isn't a specific time frame. It'll take whatever it takes for those other organizations to go through the data room and make decisions, and come back to us with potential proposals," Harding told Bloomberg.

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The Zambian copper assets under consideration include the Sentinel and Kansanshi mines. These assets have been crucial for the company, with Zambia accounting for approximately half of its copper production last year. 

First Quantum also has the Fishtie copper project near the border with the Democratic Republic of Congo.

This joint venture with Zambia’s Mimosa Resources is set to begin production in 2026.

Speculations about First Quantum selling its Zambian mines circulated earlier this year, fueled by market rumors indicating interest from Chinese state-owned Jiangxi Copper ( JIAXF ) .

However, the company denied such plans, stating its commitment to Zambian operations — such as the S3 expansion at its Kansanshi mine. Since then, the company has raised around $1 billion through a bought deal offering to reduce debt and bolster its liquidity.

Zambia is the second-largest African copper producer, with an ambitious plan to ramp up the copper output to 3 million tons — supported by the recent KoBold Metals discovery. However, its mining sector faces significant hurdles, including declining ore quality, heavy reliance on hydroelectric power, and uncertainties in taxation policies.

These challenges threaten local investments, and potential investors must conduct detailed due diligence before committing.

As discussions regarding the potential sale of its Zambian assets progress, First Quantum seeks a partner interested in the existing operations and future projects. This approach aligns with the company’s vision of sustainable growth and development in Zambia’s mining sector.

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