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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.
The assets could also attract interest from Chinese companies such as Zijin Mining Group Co. and Jiangxi Copper Co., which is First Quantum’s second-biggest shareholder, the people said. The process is in the early stages and there’s no certainty the parties will proceed with bids. First Quantum is selling a stake in its Zambian assets after it was ordered to close its flagship copper mine in Panama last year following public protests. That left the company scrambling to refinance the debt it took on to build the mine. The firmand raised $1.6 billion from a notes offering earlier this year and has said it may look at divesting smaller mining assets.
And there are also relatively few good assets to buy. Some of the mines available in the central African copper belt, which stretches through Zambia and the Democratic Republic of Congo, aren’t appealing to buyers, and major firms are unwilling to sell stakes in their most important developments.
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