First Quantum Fuels Zambia’s Copper Ambitions with Strategic Investment in Prospect Resources
First Quantum Minerals has announced a strategic investment of A$15.2 million (approximately K272 million) in Prospect Resources, an Australian-based developer of battery and electrification metals. The move secures First Quantum a 15% stake in Prospect and a board seat, strengthening its presence in Zambia’s mining sector.
This investment will support the advancement of the Mumbezhi Copper Project in north-western Zambia, located just 25km from First Quantum’s existing operations at Kalumbila (Sentinel and Enterprise mines). Prospect recently received two mining licenses for Mumbezhi, which spans 356 km², and reported an initial mineral resource estimate of 514,600 tonnes of contained copper.
Mumbezhi is situated near major copper deposits and benefits from existing infrastructure, including roads, power, water, and skilled labor. First Quantum will join a technical working group to accelerate development and ensure seamless integration with Zambia’s mining ecosystem.
Anthony Mukutuma, First Quantum’s Director – Zambia, emphasized the company’s long-term commitment: “We have been investing in Zambia for nearly 30 years. This partnership reflects our continued dedication to supporting Zambia’s goal of producing 3 million tonnes of copper annually.”
The investment aligns with the company’s broader expansion strategy, which includes its US$1.253 billion Kansanshi S3 Expansion Project set to increase ore processing capacity by 25 million tonnes per year and extend the life of the mine by two decades.
In addition, First Quantum is working closely with ZESCO to deliver around 500MW of renewable energy and grid upgrades before 2030—efforts that are essential to sustaining Zambia’s growing mining output.
