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First Quantum Approves $1.25 Billion Zambia Copper Expansion

Maxar satellite imagery of the Kansanshi Mine in 2019.

Maxar satellite imagery of the Kansanshi Mine in 2019.

Source: Maxar Technologies/Getty Images
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First Quantum Minerals Ltd. approved a $1.25 billion project to expand its Kansanshi copper mine in Zambia after the new government committed to a more predictable investment climate. 

The investment will extend the life of one of Africa’s biggest copper mines until the 2040s and increase copper and gold production by about 25%, the company said in a statement Sunday. First Quantum has also approved the development of a new nickel project, which is expected to cost about $100 million.