First Quantum Minerals has decided to keep its stakes in the Sentinel and Kansanshi copper mines in Zambia, abandoning earlier plans to sell minority interests. CEO Tristan Pascall confirmed the move in a statement carried by Bloomberg on 25th August.
According to Pascall, the company continues to explore potential partners, yet it has no intention of selling its interests in Zambian mines.
In 2024, the Canadian mining group had signaled its intention to bring in joint venture partners to finance its operations at Sentinel, which it owns entirely, and Kansanshi, in which it holds 80%. The plan followed the 2023 shutdown of its Cobre mine in Panama, which left the Zambian mines producing 93% of the group’s copper.
The proposed move aimed to sustain operations and ease debt. Saudi Arabia’s Manara Minerals showed interest, but no deal materialised.
Instead of selling stakes, First Quantum recently raised US$1 billion through a streaming deal with U.S.-based Royal Gold Inc. Under the agreement, Royal Gold will acquire part of Kansanshi’s gold output, a by-product of copper production.
The shift highlights a change in funding strategy as the miner looks for alternative ways to reduce leverage while keeping control of key assets.
The strategic U-turn also comes as exports from the Cobre mine resumed, though production remains suspended. Earlier this month, First Quantum said it would continue to “monitor the debt capital markets for opportunities to manage its maturities.”
