First Quantum Minerals in Talks for Potential Partnerships in Zambian Assets
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First Quantum in talks with potential partners for Zambian assets
(Reuters) - First Quantum Minerals is in talks with potential partners for its Zambian assets, the Canadian miner said on Wednesday, without disclosing names of the firms. Last week, Reuters reported that Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in First Quantum's Zambian copper and nickel assets, citing three people familiar with the details. "We're more open to partnerships, and that includes in Zambia, but only if it's in the interest of our Zambian business, the Zambian government and all the stakeholders involved," First Quantum CEO Tristan Pascall said on a conference call with analysts on Wednesday. Shares of the company were up 2.2% at C$18.78 in early trading. The potential Manara Minerals deal, which could be worth between $1.5 billion and $2 billion, is in the spotlight as copper is a much sought-after element for clean energy transition due to its uses in the manufacture of electric cars and data centers powering artificial intelligence. (Reporting by Tanay Dhumal in Bengaluru and Divya Rajagopal in Toronto; Editing by Maju Samuel)
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First Quantum in talks with potential partners for Zambian assets
Oct 23 (Reuters) - First Quantum Minerals (FM.TO), opens new tab is in talks with potential partners for its Zambian assets, the Canadian miner said on Wednesday, without disclosing names of the firms. Last week, Reuters reported that Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in First Quantum's Zambian copper and nickel assets, citing three people familiar with the details. "We're more open to partnerships, and that includes in Zambia, but only if it's in the interest of our Zambian business, the Zambian government and all the stakeholders involved," First Quantum CEO Tristan Pascall said on a conference call with analysts on Wednesday. Advertisement · Scroll to continue Shares of the company were up 2.2% at C$18.78 in early trading. The potential Manara Minerals deal, which could be worth between $1.5 billion and $2 billion, is in the spotlight as copper is a much sought-after element for clean energy transition due to its uses in the manufacture of electric cars and data centers powering artificial intelligence. Reporting by Tanay Dhumal in Bengaluru and Divya Rajagopal in Toronto; Editing by Maju Samuel Our Standards: The Thomson Reuters Trust Principles., opens new tab
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First Quantum Minerals, a Canadian mining company, is exploring partnership opportunities for its Zambian copper and nickel assets. The potential deal, possibly with Saudi Arabia's Manara Minerals, highlights the growing importance of copper in the clean energy transition and AI infrastructure.
First Quantum Minerals Explores Partnerships for Zambian Assets
First Quantum Minerals, a prominent Canadian mining company, has announced that it is in discussions with potential partners regarding its Zambian assets. The company's CEO, Tristan Pascall, confirmed this development during a conference call with analysts, emphasizing their openness to partnerships that would benefit their Zambian business, the Zambian government, and all stakeholders involved
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.Potential Deal with Manara Minerals
Reports suggest that Saudi Arabia's Manara Minerals is close to securing a deal to acquire a minority stake in First Quantum's Zambian copper and nickel assets. This potential agreement, estimated to be worth between $1.5 billion and $2 billion, has caught the attention of industry observers
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.Strategic Importance of Copper
The heightened interest in First Quantum's Zambian assets is largely due to the strategic importance of copper in the global transition to clean energy. Copper is a crucial element in the manufacturing of electric vehicles and data centers that power artificial intelligence systems, making it a highly sought-after commodity
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.Market Response
The news of potential partnerships has been well-received by investors. First Quantum's shares saw a 2.2% increase, trading at C$18.78 in early trading following the announcement
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Implications for the Mining Industry
This development highlights a growing trend in the mining sector, where companies are increasingly open to partnerships and strategic investments, particularly in regions rich in resources critical for emerging technologies. The potential deal between First Quantum and Manara Minerals could signal a shift in how mining companies approach asset management and investment in key mineral-producing regions
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.Future Outlook
While specific details of the potential partnerships remain undisclosed, the move by First Quantum Minerals indicates a strategic approach to leveraging its Zambian assets. As the demand for copper continues to rise, driven by the expansion of electric vehicle production and the growth of AI-powered data centers, such partnerships could play a crucial role in meeting global supply needs
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