Headline: First Quantum Explores Potential Partnerships for Its Assets in Zambia

First Quantum Minerals, a Canadian mining company, announced that it is in discussions with potential partners regarding its assets in Zambia. Reports surfaced last week indicating that Saudi Arabia's Manara Minerals is nearing a deal to acquire a minority stake in First Quantum's copper and nickel assets in Zambia.

During a conference call with analysts, First Quantum CEO Tristan Pascall stated, "We are more open to partnerships, including in Zambia, but only if it serves the interests of our Zambian operations, the Zambian government, and all stakeholders involved."

The prospective deal with Manara Minerals, which could be valued between $1.5 billion and $2 billion, has gained attention due to copper's role as a sought-after element in the clean energy transition, particularly for its use in electric vehicle manufacturing and powering data centers for artificial intelligence.

The Canadian miner is currently spending between $11 million and $13 million monthly on mine maintenance. Pascall warned that the company would need to reduce costs, potentially by downsizing its workforce, within a few months.