Canadian copper miner First Quantum Minerals has put aside plans to sell a stake in its Zambian copper mines , COO Tristan Pascall said on Wednesday .
Chinese company Jiangxi Copper Co had been seen as a potential contender for minority interests in First Quantum’s Kansanshi and Sentinel mines.
The copper reference retreated after reaching a high of 10 747.50 $ / t in May, hit by concerns about a resurgence of the pandemic, the potential for central banks to reduce stimulus measures and sale strategic reserves by China amid concerns over rising commodity prices.
Despite this, First Quantum said on Tuesday an increase in costs due to Zambian higher royalty rates, driven by the increase in copper prices.
« There has been limited progress » in talks with the Zambian government for terms that would pave the way for an expansion of ore processing at Kansanshi ahead of national elections, Pascall said.
Zambian President Edgar Lungu faces his most serious challenge yet from serial businessman and presidential hopeful Hakainde Hichilema in elections scheduled for August 12.