First Quantum Minerals (FQM) says it is not in a hurry to sell a minority stake in its mines in North Western Province as it is looking to secure a long-term partnership with potential new business investors.
Saudi Arabian mining firm Manara has expressed interest in acquiring 15% to 20% equity in FQM’s mining assets in North Western Province.
Speaking to analysts after revealing the Canadian mining firm’s results for the fourth quarter last evening, Chief Financial Officer Ryan McWilliam said FQM is more keen to secure a lasting agreement rather than rushing into one immediately.
“We have been consistent throughout that any arrangements we enter into in Zambia will be for the next 25 years. It’s really about getting the right agreement rather than a quick agreement,” McWilliam said.
McWilliam further revealed that the mining firm has not set any specific time frame under which it intends to enter into a partnership with a new business associate.
FQM has three mining assets in Zambia, including Kansanshi, Sentinel, and Kalumbila enterprise nickel mines, in which the Zambian government also owns a 20% stake.
