First Quantum Inks Another $500 Million Copper Deal With Jiangxi

First Quantum Minerals Ltd. has signed a second $500 million prepayment deal with its No. 2 shareholder in just over a year, bolstering the firm’s balance sheet as it works to reopen its flagship copper mine in Panama.

The agreement struck earlier this month secures Jiangxi Copper Co. Ltd. 50,000 tons of copper annually from First Quantum’s Kansanshi mine in Zambia for three years, the Canadian producer said this week. That follows a similar deal — in terms of financing, volume and duration — inked with the Chinese company in February 2024.

First Quantum’s two Zambian mines accounted for more ...