First Quantum Minerals (FQM) and Mimosa Resources have announced a strategic partnership for the development of the Fishtie Project. The project aims to establish a world-class, modern mining operation with a focus on skills transfer and technical knowledge.
The collaboration involves the formation of technical and exploration working groups, comprising teams from both FQM and Mimosa. These groups will work together throughout the project’s lifetime, facilitating the exchange of skills and expertise.
The initiative seeks to empower Mimosa, a Zambian entity, to successfully operate the Fishtie Project, marking a substantial step in the direction of nurturing home-grown talent within the country’s mining industry.
Mimosa currently holds a 37.5% stake in Kashime Copper Ltd, the entity overseeing the Fishtie Project. The recently established Development Agreement outlines Mimosa’s progression to a majority 75% share.
This transition is contingent upon the completion of a feasibility study and securing the necessary financing for the project’s technical completion. The Agreement includes time-bound stages to ensure the project’s timely development.
A notable aspect of this collaboration is FQM’s commitment to finance and conduct exploration activities beyond the Fishtie Project area within the broader license area.
The renewed focus on exploration is attributed to the favorable investment climate in Zambia, where there is a concerted effort to boost long-term copper production by discovering and developing new mines.
Dr. Godwin Beene, Country Manager of First Quantum Minerals, expressed determination to support Mimosa in developing and running Fishtie, with a commitment to organizational support.
He highlighted the collaborative approach, stating, “We look forward to working closely together in the months and years to come.”
Jordan Soko, Executive Chairman of Mimosa Resources, emphasized the significance of the revised Development Agreement, considering it a substantial transfer of skills and know-how from a major mining multinational to an emerging Zambian company.
Mr. Soko sees the partnership as a positive step for the Fishtie project and a contribution to the broader mining landscape in Zambia.
The collaboration aims not only to achieve success in the Fishtie Project but also to set a precedent for the role of Zambian companies in the country’s future mining development.
Both FQM and Mimosa are optimistic about the positive impact of their partnership on the aspirations of stakeholders and the mining industry in Zambia.