First Quantum agrees with Zambian firm to fast-track copper project

Source: Reuters

LUSAKA, Dec 4 (Reuters) - Canada's First Quantum Minerals (FM.TO) and a Zambian mining company have signed an agreement to fast-track the development of a copper project in Africa's second-biggest producer of the metal, the companies said on Monday.

Zambia has ambitions to triple its copper output and has reviewed its tax policy to increase mining exploration and output.

First Quantum is already a major miner in the southern African country.

Its agreement with Zambia's Mimosa Resources envisages mining at the Fishtie copper project starting from 2026, ramping up to maximum production of 30,000 metric tons of copper a year by the end of the decade, First Quantum and Mimosa Resources said in a joint statement.

First Quantum reiterated it thought the investment climate in Zambia had improved.

Mimosa Resources is expected to lead the raising of a total investment of $200 million for the project.