First Quantum Minerals, the Canadian mining company, is in discussions with potential partners regarding its Zambian copper and nickel assets, though it has not disclosed the names of the firms involved.
Last week, Reuters reported that Saudi Arabia’s Manara Minerals was nearing a deal to acquire a minority stake in these Zambian assets, citing sources familiar with the matter.
“We are open to partnerships, including in Zambia, but only if it benefits our Zambian operations, the government, and all stakeholders,” First Quantum CEO Tristan Pascall said during a conference call with analysts.
The company’s shares rose by 2.2%, reaching C$18.78 in early trading on Wednesday.
The potential deal with Manara Minerals, estimated to be valued between $1.5 billion and $2 billion, has garnered attention.
Copper is in high demand due to its key role in clean energy technologies, such as electric vehicles and data centers supporting artificial intelligence development.
