https://www.mining-technology.com/
The divestment of stakes may ease First Quantum’s financial strain after the closure of its Panamanian copper mine due to protests.
Japanese trading company Mitsui has placed the highest bid for around a 20% share in Canadian mining giant First Quantum Minerals‘ Zambian Sentinel and Kansanshi copper mines for roughly $2bn (Y308.82bn), reported Bloomberg, citing sources familiar with the matter.
The bid surpasses a competing offer from Saudi Arabia’s Manara Minerals Investment. The potential deal’s terms are still under negotiation. The company could opt for an alternative buyer or retain its assets.
This development comes as First Quantum seeks to alleviate financial pressures following the mandatory closure of its Panamanian copper mine last year following public protests. The Canadian company’s shares have surged by 67% this year, amounting to a market value of around $10.8bn (C$15.08bn), with its Zambian operations contributing significantly to its copper production and revenue.
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