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First Quantum in talks with potential partners for Zambian assets
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First Quantum in talks with potential partners for Zambian assets
Oct 23, 2024 7:59 AM

Oct 23 (Reuters) - First Quantum Minerals ( FQVLF ) is in

talks with potential partners for its Zambian assets, the

Canadian miner said on Wednesday, without disclosing names of

the firms.

Last week, Reuters reported that Saudi Arabia's Manara

Minerals is closing in on a deal to buy a minority stake in

First Quantum's Zambian copper and nickel assets, citing three

people familiar with the details.

"We're more open to partnerships, and that includes in

Zambia, but only if it's in the interest of our Zambian

business, the Zambian government and all the stakeholders

involved," First Quantum CEO Tristan Pascall said on a

conference call with analysts on Wednesday.

Shares of the company were up 2.2% at C$18.78 in early

trading.

The potential Manara Minerals deal, which could be worth

between $1.5 billion and $2 billion, is in the spotlight as

copper is a much sought-after element for clean energy

transition due to its uses in the manufacture of electric cars

and data centers powering artificial intelligence.

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