Commodities
Rio, Saudi Arabia Said Vying for First Quantum Mines Stake
- First Quantum looking to sell minority stake in Zambian mines
- Japanese trading houses also among suitors studying assets
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Rio Tinto Group and Saudi Arabia’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum Minerals Ltd.’s Zambian copper mines, according to people familiar with the matter.
Japanese trading houses Mitsui & Co. and Sumitomo Corp. have also been studying the assets, the people said, asking not to be identified as the talks are private. First Quantum is open to selling as much as 30% in its mines in Zambia, depending on the offers it receives, and is seeking first-round bids in the coming weeks, they said.