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First Quantum Minerals (FQM) has announced an investment of approximately K272 million in Australian-based battery and electrification metals developer, Prospect Resources, to support exploration activities at the Mumbezhi Copper Project in North-Western Zambia.
The project is located about 25 kilometers south-east of FQM’s Trident complex, which includes the Sentinel and Enterprise mines in Kalumbila.
According to a statement issued in Lusaka on Tuesday, FQM will invest A$15.2 million (approximately K272 million) for a 15 percent pro-forma interest in the issued share capital of Prospect Resources and secure the right to a seat on the company’s board.
The investment is expected to drive exploration progress at Mumbezhi and reflects FQM’s continued commitment to Zambia and support for the government’s target of producing three million tonnes of copper annually.
“Prospect Resources recently secured two mining licenses covering the entire Mumbezhi landholding of 356 square kilometers for an initial 25-year period,” the company said.
FQM noted that a maiden mineral resource estimate had identified 514,600 tonnes of contained copper at the site.
“Mumbezhi is surrounded by several major copper deposits in North-Western Zambia, including First Quantum’s own Sentinel and Kansanshi mines,” the statement added.
FQM Zambia Director, Anthony Mukutuma, emphasized the company’s longstanding presence in the country, beginning with its first investment in Ndola nearly 30 years ago.
He said the firm was expanding its exploration footprint in Zambia, starting with areas near existing operations and gradually moving into other promising mining regions.
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“With the investment in Prospect Resources to support the drill program at Mumbezhi—alongside the delivery of the Kansanshi S3 Expansion Project later this year—we continue to demonstrate First Quantum’s ongoing and long-term commitment to Zambia,” Mukutuma said.
He highlighted that the S3 Expansion Project at Kansanshi Mine in Solwezi, representing a US$1.253 billion investment, will increase ore processing capacity by 25 million tonnes per year—up from the current 30 million tonnes—and extend the life of the mine by more than 20 years.
Mukutuma added that reliable energy supply will be critical to achieving the government’s copper production targets, and disclosed that FQM was working on a series of power generation initiatives.
These included grid stabilisation upgrades in partnership with ZESCO and plans to add 500 megawatts of new renewable energy capacity before the end of the decade.
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