Reuters reveals Canada’s First Quantum weighs $1 billion Zambian copper mine expansion; market reacts

Reuters exclusively reported that Canadian miner First Quantum Minerals was weighing an investment of around $1 billion to lift output at Africa’s biggest copper mine in Zambia, despite a feud with project partner and state miner ZCCM-IH over funding. According to documents seen by Reuters, the dispute with the Zambian state miner involved $520 million that First Quantum transferred to one of its units to secure higher returns. First Quantum shares extended their losses to be down as much as 6.6% after the Reuters report was published.