Tokyo-based Mitsui is now seeking to negotiate terms of a deal with First Quantum, according to the people. There’s no certainty the deliberations will lead to a transaction, and First Quantum could sell a stake to another party or decide against pursuing a deal, the people said.
First Quantum is selling a stake in its Zambian assets after it was ordered to close its flagship copper mine in Panama last year following public protests. That left the company under pressure to refinance the debt it took on to build the mine.
Shares of First Quantum have gained about 67% in Toronto trading this year, giving it a market value of about C$15.1 billion ($10.8 billion). Zambia accounted for about half of First Quantum’s copper output and revenue last year, and delivered more than $450 million in operating profit.
A spokesperson for Mitsui didn’t immediately respond to queries, while representatives for First…
