Zambia is exploring a $900 million coal-fired power plant proposal from a Chinese-owned company amid severe electricity shortages due to a historic drought. With hydro-electricity generation, which supplies 85% of the country's power, severely impacted, households and businesses face prolonged outages, forcing copper producers like First Quantum Minerals Ltd. to import expensive electricity to sustain operations.
Mitsui & Co. has reportedly become the highest bidder for a stake in First Quantum Minerals Ltd."s Zambian copper mines, surpassing a competing offer from Saudi Arabia"s Manara Minerals Investment Co. The Japanese trading house is considering acquiring approximately a 20% interest in the Sentinel and Kansanshi mines for around $2 billion.
First Quantum Minerals Ltd. has appointed Hanjun Xia from Jiangxi Copper Co Ltd. to its board of directors following a standstill agreement with its second-largest shareholder. The announcement was made alongside the appointment of Juanita Montalvo, a managing partner at a Cuban financial advisory firm, in the company's earnings statement.
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