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First Quantum Minerals plans share sale in Zambia

First Quantum Minerals is seeking a stake sale in its Zambian assets amid financial distress over the closure of its Panama mine.

First Quantum Minerals plans share sale in Zambia

Canadian mining firm First Quantum Minerals is exploring the sale of a stake in its Zambian assets as part of its efforts to reduce mounting debt. The debt increase comes after the Panamanian government last December temporarily halted operations at the Cobre Panama mine, a key asset in the company's portfolio.

The company is awaiting a decision from Panamanian authorities to resume operations at the mine, which would include allowing the export of the 121,000 metric tons of copper concentrate currently held at the site.

The Cobre Panama mine costs the company an estimated US$11-13 million per month to maintain. First Quantum Minerals has warned that without swift approval to resume operations, it may be forced to implement cost-cutting measures, including potential layoffs.

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