Copper producer First Quantum Minerals (FQM) has announced a strategic investment of A$15.2 million in Australia-based battery and electrification metals developer Prospect Resources, acquiring a 15% pro-forma stake and the right to appoint a representative to Prospect’s board.
Prospect’s primary focus is the advancement of the Mumbezhi copper project in north-western Zambia, located about 25 km southeast of FQM’s Trident project, which comprises the Sentinel and Enterprise mines in Kalumbila.
The investment will help accelerate exploration at Mumbezhi, in line with Zambia’s ambition to reach three million tonnes of copper production annually.
Prospect recently secured two mining licences covering the full 356 km² Mumbezhi landholding for an initial period of 25 years. The company also announced a maiden mineral resource estimate identifying 514,600 tonnes of contained copper.
Mumbezhi is strategically positioned among several major copper deposits, including FQM’s own Sentinel and Kansanshi mines.
The project benefits from established regional transport, energy, and water infrastructure, as well as access to a skilled local workforce. FQM will support the project through participation in a dedicated technical working group.
FQM Zambia Director Anthony Mukutuma stated that the company plans to expand its exploration programme in Zambia, beginning with areas near its current operations and eventually targeting new regions. He emphasized that this investment in Prospect, along with the upcoming launch of the Kansanshi S3 expansion project, demonstrates FQM’s ongoing commitment to the country.
The $1.25-billion S3 expansion at Kansanshi, expected to come online later this year, will increase ore processing capacity by 25 million tonnes per year—up from the current 30 million—and extend the mine’s life by more than two decades.
To support Zambia’s copper production target, a stable and reliable energy supply will be critical. FQM is working with state-owned utility Zesco on a series of renewable energy generation projects and grid upgrades that will add around 500 MW of new capacity by the end of the decade.
Prospect Resources Managing Director and CEO Sam Hosack welcomed FQM as a cornerstone investor and strategic technical partner, noting that Mumbezhi is hosted in a similar geological setting to Sentinel. He said that with FQM’s regional experience and technical input, Prospect is well-positioned to identify further exploration targets, accelerate new discoveries, and increase the copper resource base at Mumbezhi.
