African Critical Minerals: Canada's First Quantum Minerals to Expand Its Influence in Zambia Through the Mumbezhi Project In 2024, 93% of First Quantum Minerals' copper production came from Zambia, with the Kansanshi and Sentinel mines producing 402,000 tons, forming the cornerstone of the company's copper portfolio. On April 15, Prospect Resources announced that it had reached an agreement with First Quantum Minerals to raise 15.2 million Australian dollars (approximately 9.5 million US dollars) for the Mumbezhi copper project in Zambia. First Quantum Minerals will acquire a 15% stake in the project, further deepening its influence in Zambia. Headquartered in Toronto, First Quantum Minerals is a key player in Zambia's mining industry. Last year, the company's two major mines, Kansanshi and Sentinel, produced a combined 402,000 tons of copper, nearly half of Zambia's annual copper production of 829,670 tons. This transaction comes at a time when Zambia is becoming increasingly important in First Quantum Minerals' investment portfolio. After the company suspended operations at the Cobre Panama copper mine at the end of 2023, the Kansanshi and Sentinel mines accounted for 93% of its copper production in 2024, up from 49% the previous year. The Mumbezhi project provides First Quantum Minerals with a rapidly growing asset to support its operations in Zambia. Initial estimates by Prospect Resources show that based on the Nyungu Central and Kabikupa mines, the ore reserves for Mumbezhi are 107 million tons with a copper grade of 0.5%. The second phase of exploration will commence in June to enhance the project's resource base. However, success in exploration alone does not guarantee the extraction of new mines at Mumbezhi. The company must prove the economic feasibility of the project through specialized studies before commencement. This step is crucial for both the project and its stakeholders, including First Quantum. Source: ecofinagency Original Article: https://www.toutiao.com/article/1829612191639627/ Disclaimer: The article solely represents the views of the author.