(Ecofin Agency) - In 2024, First Quantum Minerals relied on Zambia for 93% of its copper production, with the Kansanshi and Sentinel mines delivering 402,000 tonnes and anchoring the company’s copper portfolio.

On April 15, Prospect Resources announced it had reached a deal with First Quantum Minerals to raise A$15.2 million (about US$9.5 million) for the Mumbezhi copper project in Zambia. First Quantum will receive a 15% stake in the project, deepening its presence in the country.

First Quantum, based in Toronto, is a major player in Zambia’s mining sector. Last year, the firm’s two main mines, Kansanshi and Sentinel, produced 402,000 tonnes of copper–nearly half of Zambia’s annual output of 829,670 tonnes.

This deal comes as Zambia grows more important in First Quantum’s portfolio. After the company suspended operations at Cobre Panamá at the end of 2023, Kansanshi and Sentinel accounted for 93% of its copper output in 2024, up from 49% the year before.

The Mumbezhi project gives First Quantum a fast-growing asset to support its Zambian operations. Prospect’s initial estimate for Mumbezhi shows 107 million tonnes of ore at 0.5% copper, based on the Nyungu Central and Kabikupa deposits. A second exploration phase will start by June to strengthen the project’s resources.

However, exploration success alone will not guarantee a new mine at Mumbezhi. The company must prove the project’s economic viability in dedicated studies before construction begins. This step will be crucial for both the project and its stakeholders, including First Quantum.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum