Vancouver-based First Quantum already owns 80 percent of the Kansanshi mine in Zambia’s North-Western Province, while state-owned ZCCM Investments Holdings Plc holds the rest. The proposal, which was submitted last year, includes $300 million to $400 million in cash, and an equal amount in special royalties, over more than 10 years, said the people, who asked not to be identified because they’re not authorized to comment.
Kansanshi is First Quantum’s biggest mine, and accounted for more than half the company’s revenue in 2017.