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First Quantum: Prospect investment is key to Zambia copper growth

Anthony Mukutuma, FQM’s Country Director in Zambia, said that the recent investment by First Quantum Minerals in Prospect Resources was key to extending mine life at Sentinel Mine.

In April, the Canada-based company invested 15% in Prospect and became the largest shareholder of the Australia-listed exploration firm.

Prospect is exploring Mumbezhi, a copper project located about 30 km (19 miles) away from FQM’s Sentinel Mine. FQM is a key partner in Mumbezhi exploration.

Mukutuma said that the mine life for Sentinel is currently 12 years. FQM has been studying ways to extend this, he added.

Mukutuma stated that initial exploration at Mumbezhi had shown positive results. He added that the project was similar to Sentinel when it came to copper grades.

He said that it could have an impact on Sentinel's mine life.

This week, Prospect said that exploration to date "strongly placed Mumbezhi as one of the leading copper assets in Zambia".

Sentinel Mine produced 231,000 metric tonnes of copper in 2024. This is more than half the total production of FQM of 431,000 tons.

FQM completed a $1.25billion expansion project for its Kansanshi nickel mine and Kansanshi Copper Mine. The expansion project will extend the life of Kansanshi to 2046, and increase its production to 280,000 tons per year from current levels.

Zambia, Africa’s second largest copper producer behind the Democratic Republic of Congo plans to increase production of the red metallic to 3 million tonnes annually by 2031 to take advantage of the growing global demand for renewable energy plants, electric vehicles, and other technologies. Zambia produced 821 tons of copper in the year 2024, an increase of 12% over the previous year.

The UAE's International Resources Holding is also looking at other mines, such as Barrick Mining Corp.'s Lumwana or Vedanta Konkola, which recently acquired Mopani. Reporting by Chris Mfula. (Editing by Nelson Banya, Mark Potter and Mark Potter).

(source: Reuters)