First Quantum Approves $1.25 Billion Zambia Copper Expansion

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.