Mitsui & Co., a Japanese trading house, has reportedly become the top bidder for a stake in First Quantum Minerals Ltd."s Zambian copper mines.
It is said that Mitsui"s offer exceeds that of Manara Minerals Investment Co., a state-backed company from Saudi Arabia.
The bid involves a potential acquisition of about 20% interest in First Quantum"s Sentinel and Kansanshi mines, with an estimated valuation of $2 billion.
This move demonstrates Mitsui"s strategic interest in expanding its presence in the copper mining sector due to the increasing demand for the metal.