FQM denies Zambian copper sale rumours

9th January 2024 By: Marleny Arnoldi - Deputy Editor Online

FQM denies Zambian copper sale rumours

The Sentinel mine in Zambia

Zambia-focused First Quantum Minerals (FQM) has clarified that it does not intend to sell a stake in its copper mines in the country.

FQM owns 80% of the Kansanshi copper mine and smelter in Solwezi, while it fully owns the Sentinel copper and Enterprise nickel mines in the Kalumbila district.

The TSX-listed company addressed “false rumours” that it is in discussions to sell a stake in its Zambian operations to Chinese State-owned company Jiangxi Copper Corporation, or indeed any other company, stating that it remains fully committed to its Zambian operations and associated economic and social contributions to the country.

Jiangxi currently owns an 18.2% stake in FQM.

Citing unnamed sources, newswire Reuters reported last week that FQM was in talks to sell a stake of its Zambian mines to Jiangxi, stating that the negotiations started last month after the Canadian miner suffered a blow in Panama, where it was ordered to shut a major copper mine.