First Quantum Minerals Ltd. has shelved a plan to sell minority stakes in its Zambian copper mines, after a $1 billion gold-streaming deal eased balance sheet pressures.
Early last year, the company said it was considering offloading minority interests in its Kansanshi and Sentinel operations in Zambia, after it was forced to shut its flagship mine in Panama in late 2023. Chief executive officer Tristan Pascall said the deal this month to sell part of Kansanshi’s gold output to Royal Gold Inc. has helped change the need to divest.
“Whilst we’re definitely open to partnerships and we continue to look at that, we are not looking for a transaction in Zambia,” Pascall said in an Aug. 22 interview. “We’re not looking at the Zambian minority stakes’ sale.”
First Quantum had been in talks with companies including Japanese trading house Mitsui & Co. and Saudi Arabia’s state-backed Manara…
