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First Quantum Minerals (FQM) says its recent investment in Australia-listed Prospect Resources is a strategic step toward extending the life of its Sentinel copper mine in Zambia.
Speaking to Reuters recently, FQM Zambia Country Director Anthony Mukutuma confirmed that the company’s 15% stake in Prospect, acquired in April positions it as the largest shareholder and a key technical partner in the development of the Mumbezhi copper project, located about 30 kilometres from Sentinel.
“The initial exploration results at Mumbezhi are promising and show copper grades similar to Sentinel’s. If proven viable, the project could significantly extend Sentinel’s mine life,” said Mukutuma.
The mine currently has about 12 years remaining. Prospect Resources this week described Mumbezhi as one of Zambia’s most promising copper exploration assets based on data collected to date. In 2024, Sentinel produced 231,000 metric tons of copper, accounting for more than half of FQM’s total annual output of 431,000 tons.
The company recently completed a $1.25 billion expansion of its Kansanshi copper and Enterprise nickel operations. The expansion is expected to extend Kansanshi’s mine life to 2046 and increase its annual copper production to 280,000 tons, up from the current 170,000 tons.
Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, aims to scale up national copper production to 3 million tons by 2031. The country produced 821,000 tons in 2024, a 12% year-on-year increase.
Major producers including Barrick’s Lumwana, Vedanta’s Konkola and Mopani recently acquired by the UAE’s International Resources Holding are also pursuing expansion plans to meet rising global demand for copper driven by renewable energy and electric vehicle sectors.
