While the names of the firms involved are yet to be disclosed, media reports last week suggested that Saudi Arabia’s Manara Minerals was the one close to a deal to acquire a minority stake in the Canadian miner assets.
The potential deal with Manara, estimated to be worth between $1.5 billion and $2 billion, has garnered attention due to the increasing demand for copper and nickel, considered essential to the energy transition.
The assets could have also attracted interest from Chinese companies such as Zijin Mining Group Co. and Jiangxi Copper Co., which is First Quantum’s second-biggest shareholder, according to market rumours.
For First Quantum, a stake sale in its Kansanshi and Sentinel copper mines would provide much-needed relief from its mounting debt, which escalated after the Panama government ordered the shutdown of its flagship Cobre Panama mine.
The Canadian company is awaiting a decision…
